Does NOKU Master token depend on Bitcoin? Based on the correlation analysis, BTC and NOKU have a very strong positive relationship. The correlation coefficient of their values is 0.82, which was calculated based on the last 100-days' price fluctuations of both currencies.
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 indicates that the prices of the currencies are moving in the reversed direction while the positive coefficient indicates that the prices are going in the identical direction. For instance, if Bitcoin and NOKU Master token connection is positively strong, it means that when BTC is growing NOKU will rise as well. The negative strong relation will point that when BTC is growing NOKU price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over NOKU Master token. If we take all the factors affecting the price of NOKU as 100%, then the share of BTC price among these factors will be 67.24%. The other part which is 32.76% covers all the other aspects, such as news, events or regulations.