Does Numus depend on Bitcoin? Based on the correlation analysis, BTC and NMS have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was measured based on the last 100-days' price dynamics of both assets.
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 means that the prices of the coins are moving in the contrary trend while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Numus connection is positively strong, it means that when BTC is rising NMS will rise as well. The negative strong relation will indicate that when BTC is growing NMS price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Numus. If we take all the factors affecting the price of NMS as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as media, events or regulations.