Does FIBRE depend on Bitcoin? Based on the correlation analysis, BTC and FIBRE have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price movements of both coins.
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 shows that the prices of the assets are moving in the opposite direction while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and FIBRE connection is positively strong, it means that when BTC is rising FIBRE will rise as well. The negative strong relation will show that when BTC is rising FIBRE value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over FIBRE. If we take all the things affecting the price of FIBRE as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as news, technological releases or regulations.