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Farad (FRD)

Correlation

0.68

Influence

46.24%

Bitcoin and Farad Correlation

Does Farad depend on Bitcoin? Based on the correlation analysis, BTC and FRD have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the previous 100-days' price dynamics of both currencies.

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 points that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and Farad connection is positively strong, it means that when BTC is growing FRD will rise as well. The negative strong relation will show that when BTC is rising FRD price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Farad. If we take all the aspects affecting the price of FRD 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 crypto related laws.