Does NoLimitCoin depend on Bitcoin? According to the correlation analysis, BTC and NLC2 have a very strong positive relationship. The correlation coefficient of their values is 0.74, which was measured based on the last 100-days' price fluctuations of both coins.
This coefficient may change 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 points that the prices of the coins are moving in the reversed direction while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and NoLimitCoin connection is positively strong, it means that when BTC is rising NLC2 will rise as well. The negative strong relation will tell that when BTC is growing NLC2 price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over NoLimitCoin. If we take all the factors affecting the price of NLC2 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 regulations.