Does Flixxo depend on Bitcoin? Based on the correlation analysis, BTC and FLIXX have a strong positive relationship. The correlation coefficient of their prices is 0.62, which was calculated based on the last 100-days' price movements of both coins.
This coefficient may range 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 currencies are moving in the opposite direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Flixxo connection is positively strong, it means that when BTC is growing FLIXX will grow as well. The negative strong relation will show that when BTC is rising FLIXX price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Flixxo. If we take all the factors affecting the price of FLIXX as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other factors, such as media, technological releases or regulations.