Does Nullex depend on Bitcoin? According to the correlation analysis, BTC and NLX have a very strong positive relationship. The correlation coefficient of their prices is 0.78, which was measured based on the last 100-days' price fluctuations of both currencies.
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 means that the prices of the coins are moving in the reversed direction while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and Nullex connection is positively strong, it means that when BTC is growing NLX will grow as well. The negative strong relation will show that when BTC is growing NLX value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Nullex. If we take all the aspects affecting the price of NLX as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other aspects, such as media, technological releases or politics.