Does FormulA depend on Bitcoin? Based on the correlation analysis, BTC and FML have a strong positive relationship. The correlation coefficient of their prices is 0.47, which was measured based on the last 100-days' price dynamics of both currencies.
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 coins are moving in the contrary direction while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and FormulA connection is positively strong, it means that when BTC is rising FML will grow as well. The negative strong relation will show that when BTC is growing FML price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over FormulA. If we take all the factors affecting the price of FML as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other aspects, such as media, events or politics.