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Faceter (FACE)

Correlation

-0.17

Influence

2.89%

Bitcoin and Faceter Correlation

Does Faceter depend on Bitcoin? Based on the correlation analysis, BTC and FACE have no or negligible relationship. The correlation coefficient of their values is -0.17, which was computed based on the previous 100-days' price dynamics of both coins.

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 tells that the prices of the assets are going in the contrary direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Faceter connection is positively strong, it means that when BTC is growing FACE will grow as well. The negative strong relation will show that when BTC is rising FACE value will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Faceter . If we take all the things affecting the price of FACE as 100%, then the share of BTC price among these factors will be 2.89%. The other part which is 97.11% covers all the other things, such as news, events or crypto related laws.