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FedoraCoin (TIPS)

Correlation

0.74

Influence

54.76%

Bitcoin and FedoraCoin Correlation

Does FedoraCoin depend on Bitcoin? According to the correlation analysis, BTC and TIPS have a very strong positive relationship. The correlation coefficient of their prices is 0.74, which was calculated based on the previous 100-days' price fluctuations 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 means that the prices of the currencies are going in the reversed direction while the positive coefficient means that the prices are moving in the identical direction. For instance, if Bitcoin and FedoraCoin connection is positively strong, it means that when BTC is rising TIPS will grow as well. The negative strong relation will show that when BTC is growing TIPS price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over FedoraCoin. If we take all the things affecting the price of TIPS as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other circumstances, such as media, events or crypto related laws.