Does NoirBits depend on Bitcoin? Based on the correlation analysis, BTC and NRB have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price dynamics of both currencies.
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 shows that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and NoirBits connection is positively strong, it means that when BTC is growing NRB will grow as well. The negative strong relation will point that when BTC is rising NRB price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over NoirBits. If we take all the things affecting the price of NRB 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 factors, such as media, technological releases or crypto related laws.