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FlyCoin (FLY)

Correlation

0.76

Influence

57.76%

Bitcoin and FlyCoin Correlation

Does FlyCoin depend on Bitcoin? According to the correlation analysis, BTC and FLY have a very strong positive relationship. The correlation coefficient of their values is 0.76, which was measured based on the previous 100-days' price dynamics 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 indicates that the prices of the coins are going in the contrary trend while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and FlyCoin connection is positively strong, it means that when BTC is growing FLY will rise as well. The negative strong relation will tell that when BTC is growing FLY price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over FlyCoin. If we take all the aspects affecting the price of FLY as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other aspects, such as news, technological releases or politics.