Does NumbersCoin depend on Bitcoin? Based on the correlation analysis, BTC and NUM have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed 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 tells that the prices of the assets are going in the reversed direction while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and NumbersCoin connection is positively strong, it means that when BTC is growing NUM will grow as well. The negative strong relation will show that when BTC is rising NUM value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over NumbersCoin. If we take all the factors affecting the price of NUM 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 aspects, such as media, events or politics.