Does NuBits depend on Bitcoin? According to the correlation analysis, BTC and NBT have a strong positive relationship. The correlation coefficient of their prices is 0.69, which was estimated based on the last 100-days' price fluctuations of both assets.
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 shows that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and NuBits connection is positively strong, it means that when BTC is rising NBT will grow as well. The negative strong relation will indicate that when BTC is growing NBT value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over NuBits. If we take all the things affecting the price of NBT as 100%, then the share of BTC price among these factors will be 47.61%. The other part which is 52.39% covers all the other things, such as news, technological releases or regulations.