Does ForexCoin depend on Bitcoin? According to the correlation analysis, BTC and FOREX have no or negligible relationship. The correlation coefficient of their prices is -0.12, which was computed based on the last 100-days' price movements of both coins.
This coefficient may change 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 direction while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and ForexCoin connection is positively strong, it means that when BTC is rising FOREX will grow as well. The negative strong relation will tell that when BTC is rising FOREX value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over ForexCoin. If we take all the things affecting the price of FOREX as 100%, then the share of BTC price among these factors will be 1.44%. The other part which is 98.56% covers all the other factors, such as media, technological releases or politics.