⟷  

FireCoin (FIRE)

Correlation

0.91

Influence

82.81%

Bitcoin and FireCoin Correlation

Does FireCoin depend on Bitcoin? According to the correlation analysis, BTC and FIRE 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 assets.

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 assets are moving in the opposite trend while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and FireCoin connection is positively strong, it means that when BTC is rising FIRE will rise as well. The negative strong relation will indicate that when BTC is growing FIRE price will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over FireCoin. If we take all the aspects affecting the price of FIRE 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, events or regulations.