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NOW Token (NOW)

Correlation

0.72

Influence

51.84%

Bitcoin and NOW Token Correlation

Does NOW Token depend on Bitcoin? Based on the correlation analysis, BTC and NOW have a very strong positive relationship. The correlation coefficient of their prices is 0.72, which was calculated based on the previous 100-days' price dynamics of both cryptocurrencies.

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 shows that the prices of the currencies are going in the contrary trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and NOW Token connection is positively strong, it means that when BTC is rising NOW will rise as well. The negative strong relation will indicate that when BTC is rising NOW value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over NOW Token. If we take all the aspects affecting the price of NOW as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other things, such as media, events or regulations.