Bitcoin and NITRO Correlation

Does NITRO depend on Bitcoin? Based on the correlation analysis, BTC and NOX have a strong positive relationship. The correlation coefficient of their values is 0.43, which was estimated based on the last 100-days' price movements of both cryptocurrencies.

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 tells that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and NITRO connection is positively strong, it means that when BTC is rising NOX will rise as well. The negative strong relation will indicate that when BTC is growing NOX value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over NITRO. If we take all the things affecting the price of NOX as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other things, such as media, events or regulations.