Does Number7 depend on Bitcoin? Based on the correlation analysis, BTC and N7 have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price fluctuations of both coins.
This coefficient may adjust 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 coins are going in the reversed direction while the positive coefficient means that the prices are moving in the same direction. For instance, if Bitcoin and Number7 connection is positively strong, it means that when BTC is growing N7 will grow as well. The negative strong relation will indicate that when BTC is growing N7 price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Number7. If we take all the things affecting the price of N7 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, events or crypto related laws.