Does FundFantasy depend on Bitcoin? Based on the correlation analysis, BTC and FUNDZ have a weak negative relationship. The correlation coefficient of their prices is -0.23, which was calculated 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 means that the prices of the currencies are moving in the opposite trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and FundFantasy connection is positively strong, it means that when BTC is rising FUNDZ will grow as well. The negative strong relation will point that when BTC is growing FUNDZ price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over FundFantasy. If we take all the things affecting the price of FUNDZ as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other things, such as media, technological releases or regulations.