Does FLASH coin depend on Bitcoin? According to the correlation analysis, BTC and FLASH have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations of both coins.
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 shows that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and FLASH coin connection is positively strong, it means that when BTC is rising FLASH will grow as well. The negative strong relation will tell that when BTC is growing FLASH price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over FLASH coin. If we take all the things affecting the price of FLASH 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 things, such as media, events or regulations.