Does Niobio Cash depend on Bitcoin? Based on the correlation analysis, BTC and NBR have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the previous 100-days' price movements of both currencies.
This coefficient may range 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 shows that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Niobio Cash connection is positively strong, it means that when BTC is rising NBR will grow as well. The negative strong relation will tell that when BTC is rising NBR price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Niobio Cash. If we take all the things affecting the price of NBR as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as news, technological releases or crypto related laws.