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Fortuna (FOTA)

Correlation

0.66

Influence

43.56%

Bitcoin and Fortuna Correlation

Does Fortuna depend on Bitcoin? Based on the correlation analysis, BTC and FOTA have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was computed based on the previous 100-days' price fluctuations 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 assets are going in the reversed direction while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and Fortuna connection is positively strong, it means that when BTC is rising FOTA will grow as well. The negative strong relation will tell that when BTC is growing FOTA price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Fortuna. If we take all the factors affecting the price of FOTA as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other circumstances, such as news, technological releases or crypto related laws.