Does Fiii depend on Bitcoin? Based on the correlation analysis, BTC and FIII have a strong positive relationship. The correlation coefficient of their values is 0.43, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.
This coefficient may adjust 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 coins are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical direction. For instance, if Bitcoin and Fiii connection is positively strong, it means that when BTC is growing FIII will grow as well. The negative strong relation will show that when BTC is growing FIII price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Fiii. If we take all the things affecting the price of FIII 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 factors, such as media, events or regulations.