Does Follow Coin depend on Bitcoin? Based on the correlation analysis, BTC and FLLW have a strong positive relationship. The correlation coefficient of their prices is 0.54, which was computed based on the last 100-days' price fluctuations of both coins.
This coefficient may adjust 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 assets are moving in the reversed direction while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and Follow Coin connection is positively strong, it means that when BTC is growing FLLW will rise as well. The negative strong relation will tell that when BTC is rising FLLW value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Follow Coin. If we take all the factors affecting the price of FLLW as 100%, then the share of BTC price among these factors will be 29.16%. The other part which is 70.84% covers all the other circumstances, such as media, technological releases or crypto related laws.