Does FeatherCoin depend on Bitcoin? Based on the correlation analysis, BTC and FTC have a very strong positive relationship. The correlation coefficient of their values is 0.73, which was computed based on the last 100-days' price movements of both currencies.
This coefficient may range 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 tells that the prices of the assets are moving in the opposite direction while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and FeatherCoin connection is positively strong, it means that when BTC is rising FTC will rise as well. The negative strong relation will show that when BTC is rising FTC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over FeatherCoin. If we take all the things affecting the price of FTC 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 circumstances, such as media, events or politics.