⟷  

FujiCoin (FJC)

Correlation

0.68

Influence

46.24%

Bitcoin and FujiCoin Correlation

Does FujiCoin depend on Bitcoin? Based on the correlation analysis, BTC and FJC have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the previous 100-days' price fluctuations of both assets.

This coefficient may adjust 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 cryptocurrencies are going in the reversed trend while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and FujiCoin connection is positively strong, it means that when BTC is rising FJC will rise as well. The negative strong relation will show that when BTC is growing FJC value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over FujiCoin. If we take all the factors affecting the price of FJC as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as news, events or politics.