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Fantom (FTM)

Correlation

-0.09

Influence

0.81%

Bitcoin and Fantom Correlation

Does Fantom depend on Bitcoin? According to the correlation analysis, BTC and FTM have no or negligible relationship. The correlation coefficient of their prices is -0.09, which was estimated based on the previous 100-days' price movements of both coins.

This coefficient may change 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 cryptocurrencies are going in the opposite direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Fantom connection is positively strong, it means that when BTC is rising FTM will rise as well. The negative strong relation will indicate that when BTC is rising FTM price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Fantom. If we take all the aspects affecting the price of FTM as 100%, then the share of BTC price among these factors will be 0.81%. The other part which is 99.19% covers all the other circumstances, such as news, events or regulations.