Bitcoin and NOKU EUR Correlation

Does NOKU EUR depend on Bitcoin? Based on the correlation analysis, BTC and EURN have no or negligible relationship. The correlation coefficient of their prices is -0.14, which was calculated based on the previous 100-days' price movements of both coins.

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 currencies are going in the opposite direction while the positive coefficient shows that the prices are moving in the same direction. For instance, if Bitcoin and NOKU EUR connection is positively strong, it means that when BTC is growing EURN will grow as well. The negative strong relation will tell that when BTC is growing EURN value will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over NOKU EUR. If we take all the factors affecting the price of EURN as 100%, then the share of BTC price among these factors will be 1.96%. The other part which is 98.04% covers all the other circumstances, such as news, events or regulations.