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FonzieCoin (FONZ)

Correlation

0.91

Influence

82.81%

Bitcoin and FonzieCoin Correlation

Does FonzieCoin depend on Bitcoin? Based on the correlation analysis, BTC and FONZ have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price movements of both cryptocurrencies.

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 means that the prices of the assets are moving in the opposite trend while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and FonzieCoin connection is positively strong, it means that when BTC is rising FONZ will grow as well. The negative strong relation will show that when BTC is rising FONZ price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over FonzieCoin. If we take all the factors affecting the price of FONZ 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 circumstances, such as news, technological releases or regulations.