Does Nybble depend on Bitcoin? According to the correlation analysis, BTC and NBL have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price fluctuations of both currencies.
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 tells that the prices of the coins are going in the reversed direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and Nybble connection is positively strong, it means that when BTC is growing NBL will rise as well. The negative strong relation will tell that when BTC is rising NBL price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Nybble. If we take all the circumstances affecting the price of NBL 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 factors, such as news, technological releases or regulations.