Does FindCoin depend on Bitcoin? According to the correlation analysis, BTC and FIND have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price movements of both currencies.
This coefficient may vary 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 moving in the opposite direction while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and FindCoin connection is positively strong, it means that when BTC is rising FIND will grow as well. The negative strong relation will show that when BTC is growing FIND value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over FindCoin. If we take all the factors affecting the price of FIND 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 circumstances, such as media, technological releases or crypto related laws.