Does FairGame depend on Bitcoin? Based on the correlation analysis, BTC and FAIR* have a strong positive relationship. The correlation coefficient of their prices is 0.60, which was calculated based on the previous 100-days' price movements of both coins.
This coefficient may adjust 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 means that the prices of the currencies are going in the opposite direction while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and FairGame connection is positively strong, it means that when BTC is growing FAIR* will rise as well. The negative strong relation will point that when BTC is growing FAIR* value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over FairGame. If we take all the aspects affecting the price of FAIR* as 100%, then the share of BTC price among these factors will be 36.00%. The other part which is 64.00% covers all the other circumstances, such as media, technological releases or politics.