Does NXTI depend on Bitcoin? According to the correlation analysis, BTC and NXTI have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price dynamics of both coins.
This coefficient may vary 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 assets are moving in the contrary direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and NXTI connection is positively strong, it means that when BTC is growing NXTI will grow as well. The negative strong relation will indicate that when BTC is rising NXTI price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over NXTI. If we take all the factors affecting the price of NXTI 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, technological releases or crypto related laws.