Does Fitrova depend on Bitcoin? According to the correlation analysis, BTC and FRV have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the last 100-days' price fluctuations of both assets.
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 means that the prices of the assets are moving in the reversed trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and Fitrova connection is positively strong, it means that when BTC is rising FRV will grow as well. The negative strong relation will show that when BTC is growing FRV price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Fitrova. If we take all the things affecting the price of FRV as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as news, technological releases or crypto related laws.