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FlorinCoin (FLO)

Correlation

0.38

Influence

14.44%

Bitcoin and FlorinCoin Correlation

Does FlorinCoin depend on Bitcoin? Based on the correlation analysis, BTC and FLO have a moderate positive relationship. The correlation coefficient of their prices is 0.38, which was computed based on the previous 100-days' price dynamics of both cryptocurrencies.

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 assets are going in the contrary trend while the positive coefficient tells that the prices are moving in the same trend. For example, if Bitcoin and FlorinCoin connection is positively strong, it means that when BTC is growing FLO will grow as well. The negative strong relation will show that when BTC is rising FLO price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over FlorinCoin. If we take all the things affecting the price of FLO as 100%, then the share of BTC price among these factors will be 14.44%. The other part which is 85.56% covers all the other circumstances, such as news, technological releases or politics.