Does Friendz depend on Bitcoin? According to the correlation analysis, BTC and FDZ have a strong negative relationship. The correlation coefficient of their prices is -0.43, which was measured based on the previous 100-days' price movements of both coins.
This coefficient may vary 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 coins are going in the opposite direction while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and Friendz connection is positively strong, it means that when BTC is rising FDZ will rise as well. The negative strong relation will tell that when BTC is growing FDZ value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Friendz. If we take all the factors affecting the price of FDZ as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other circumstances, such as media, technological releases or regulations.