Does NuShares depend on Bitcoin? Based on the correlation analysis, BTC and NSR have no relationship. The correlation coefficient of their values is 0.00, which was computed based on the last 100-days' price fluctuations of both currencies.
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 assets are moving in the reversed direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and NuShares connection is positively strong, it means that when BTC is rising NSR will rise as well. The negative strong relation will point that when BTC is rising NSR price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over NuShares. If we take all the things affecting the price of NSR as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other aspects, such as news, technological releases or crypto related laws.