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FunCoin (FUNC)

Correlation

0.84

Influence

70.56%

Bitcoin and FunCoin Correlation

Does FunCoin depend on Bitcoin? According to the correlation analysis, BTC and FUNC have a very strong positive relationship. The correlation coefficient of their prices is 0.84, which was calculated based on the last 100-days' price dynamics of both assets.

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 currencies are moving in the contrary trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and FunCoin connection is positively strong, it means that when BTC is rising FUNC will grow as well. The negative strong relation will show that when BTC is growing FUNC price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over FunCoin. If we take all the factors affecting the price of FUNC as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other things, such as news, technological releases or crypto related laws.