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Fetch.AI (FET)

Correlation

-0.43

Influence

18.49%

Bitcoin and Fetch.AI Correlation

Does Fetch.AI depend on Bitcoin? Based on the correlation analysis, BTC and FET have a strong negative relationship. The correlation coefficient of their values is -0.43, which was estimated based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 points that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and Fetch.AI connection is positively strong, it means that when BTC is rising FET will rise as well. The negative strong relation will point that when BTC is rising FET value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Fetch.AI. If we take all the aspects affecting the price of FET as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other circumstances, such as media, events or crypto related laws.