Does Pundi X depend on Bitcoin? Based on the correlation analysis, BTC and NPXS have a very strong positive relationship. The correlation coefficient of their prices is 0.79, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.
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 shows that the prices of the assets are moving in the contrary trend while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and Pundi X connection is positively strong, it means that when BTC is growing NPXS will grow as well. The negative strong relation will show that when BTC is growing NPXS value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Pundi X. If we take all the aspects affecting the price of NPXS as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other circumstances, such as media, technological releases or politics.