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NyanCoin (NYAN)

Correlation

0.88

Influence

77.44%

Bitcoin and NyanCoin Correlation

Does NyanCoin depend on Bitcoin? According to the correlation analysis, BTC and NYAN have a very strong positive relationship. The correlation coefficient of their prices is 0.88, which was estimated based on the previous 100-days' price movements 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 shows that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and NyanCoin connection is positively strong, it means that when BTC is rising NYAN will rise as well. The negative strong relation will indicate that when BTC is growing NYAN value will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over NyanCoin. If we take all the circumstances affecting the price of NYAN as 100%, then the share of BTC price among these factors will be 77.44%. The other part which is 22.56% covers all the other aspects, such as news, events or crypto related laws.