Does NukeCoin depend on Bitcoin? Based on the correlation analysis, BTC and NUKE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price fluctuations of both coins.
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 tells that the prices of the coins are going in the reversed direction while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and NukeCoin connection is positively strong, it means that when BTC is rising NUKE will rise as well. The negative strong relation will tell that when BTC is rising NUKE price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over NukeCoin. If we take all the factors affecting the price of NUKE as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as news, technological releases or crypto related laws.