Fujinto (NTO)





Bitcoin and Fujinto Correlation

Does Fujinto depend on Bitcoin? Based on the correlation analysis, BTC and NTO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price movements 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 shows that the prices of the coins are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Fujinto connection is positively strong, it means that when BTC is growing NTO will grow as well. The negative strong relation will point that when BTC is rising NTO value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Fujinto. If we take all the circumstances affecting the price of NTO 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 circumstances, such as news, technological releases or regulations.