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FirstCoin (FRST)

Correlation

0.91

Influence

82.81%

Bitcoin and FirstCoin Correlation

Does FirstCoin depend on Bitcoin? According to the correlation analysis, BTC and FRST have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 indicates that the prices of the assets are going in the reversed trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and FirstCoin connection is positively strong, it means that when BTC is rising FRST will grow as well. The negative strong relation will point that when BTC is growing FRST price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over FirstCoin. If we take all the factors affecting the price of FRST 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 news, events or politics.