Does Node depend on Bitcoin? Based on the correlation analysis, BTC and NODE have a strong positive relationship. The correlation coefficient of their prices is 0.69, which was computed based on the previous 100-days' price fluctuations of both coins.
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 means that the prices of the assets are going in the reversed direction while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and Node connection is positively strong, it means that when BTC is rising NODE will rise as well. The negative strong relation will indicate that when BTC is growing NODE price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Node. If we take all the things affecting the price of NODE as 100%, then the share of BTC price among these factors will be 47.61%. The other part which is 52.39% covers all the other aspects, such as news, technological releases or politics.