Does NiceCoin depend on Bitcoin? According to the correlation analysis, BTC and NICE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price dynamics of both assets.
This coefficient may change from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient points that the prices of the coins are moving in the contrary trend while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and NiceCoin connection is positively strong, it means that when BTC is growing NICE will grow as well. The negative strong relation will indicate that when BTC is growing NICE price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over NiceCoin. If we take all the aspects affecting the price of NICE as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as media, technological releases or politics.