Does Fatum depend on Bitcoin? According to the correlation analysis, BTC and FTM have a very strong positive relationship. The correlation coefficient of their prices is 0.73, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.
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 contrary trend while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and Fatum connection is positively strong, it means that when BTC is rising FTM will rise as well. The negative strong relation will show that when BTC is rising FTM value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Fatum . If we take all the circumstances affecting the price of FTM as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other aspects, such as news, events or regulations.