Does FistBump depend on Bitcoin? According to the correlation analysis, BTC and FIST have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price fluctuations of both currencies.
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 points that the prices of the coins are moving in the reversed direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and FistBump connection is positively strong, it means that when BTC is rising FIST will rise as well. The negative strong relation will tell that when BTC is growing FIST price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over FistBump. If we take all the factors affecting the price of FIST 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 aspects, such as news, events or politics.