Does Fuel2Coin depend on Bitcoin? According to the correlation analysis, BTC and FC2 have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price dynamics of both currencies.
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 tells that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and Fuel2Coin connection is positively strong, it means that when BTC is rising FC2 will grow as well. The negative strong relation will show that when BTC is rising FC2 value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Fuel2Coin. If we take all the aspects affecting the price of FC2 as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as media, technological releases or politics.