Does Nxt depend on Bitcoin? According to the correlation analysis, BTC and NXT have a very strong positive relationship. The correlation coefficient of their prices is 0.73, which was calculated based on the last 100-days' price dynamics 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 indicates that the prices of the currencies are moving in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Nxt connection is positively strong, it means that when BTC is growing NXT will grow as well. The negative strong relation will point that when BTC is rising NXT value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Nxt. If we take all the aspects affecting the price of NXT as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other factors, such as media, technological releases or regulations.