Does FriendshipCoin depend on Bitcoin? Based on the correlation analysis, BTC and FSC have a weak positive relationship. The correlation coefficient of their values is 0.23, which was estimated based on the previous 100-days' price fluctuations of both assets.
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 tells that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and FriendshipCoin connection is positively strong, it means that when BTC is growing FSC will grow as well. The negative strong relation will tell that when BTC is rising FSC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over FriendshipCoin. If we take all the aspects affecting the price of FSC as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other things, such as media, technological releases or politics.