Does Xenon depend on Bitcoin? According to the correlation analysis, BTC and XNN have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and Xenon connection is positively strong, it means that when BTC is rising XNN will grow as well. The negative strong relation will show that when BTC is rising XNN price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Xenon. If we take all the aspects affecting the price of XNN as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as media, technological releases or politics.