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NOIA Network (NOIA)

Correlation

0.74

Influence

54.76%

Bitcoin and NOIA Network Correlation

Does NOIA Network depend on Bitcoin? Based on the correlation analysis, BTC and NOIA have a very strong positive relationship. The correlation coefficient of their values is 0.74, which was computed based on the last 100-days' price movements of both assets.

This coefficient may adjust 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 assets are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and NOIA Network connection is positively strong, it means that when BTC is rising NOIA will rise as well. The negative strong relation will show that when BTC is growing NOIA value will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over NOIA Network. If we take all the factors affecting the price of NOIA as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other aspects, such as news, events or crypto related laws.