Does Factoids depend on Bitcoin? According to the correlation analysis, BTC and FCT have a moderate positive relationship. The correlation coefficient of their prices is 0.37, which was computed based on the last 100-days' price dynamics 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 shows that the prices of the assets are moving in the contrary trend while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and Factoids connection is positively strong, it means that when BTC is rising FCT will rise as well. The negative strong relation will point that when BTC is rising FCT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Factoids. If we take all the aspects affecting the price of FCT as 100%, then the share of BTC price among these factors will be 13.69%. The other part which is 86.31% covers all the other circumstances, such as news, technological releases or regulations.