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Forty Seven Bank (FSBT)

Correlation

-0.08

Influence

0.64%

Bitcoin and Forty Seven Bank Correlation

Does Forty Seven Bank depend on Bitcoin? Based on the correlation analysis, BTC and FSBT have no or negligible relationship. The correlation coefficient of their values is -0.08, which was computed based on the previous 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 indicates that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Forty Seven Bank connection is positively strong, it means that when BTC is growing FSBT will rise as well. The negative strong relation will indicate that when BTC is rising FSBT value will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Forty Seven Bank. If we take all the aspects affecting the price of FSBT as 100%, then the share of BTC price among these factors will be 0.64%. The other part which is 99.36% covers all the other factors, such as news, technological releases or politics.