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FundYourselfNow (FYN)

Correlation

0.68

Influence

46.24%

Bitcoin and FundYourselfNow Correlation

Does FundYourselfNow depend on Bitcoin? According to the correlation analysis, BTC and FYN have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the last 100-days' price dynamics of both coins.

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 cryptocurrencies are moving in the contrary direction while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and FundYourselfNow connection is positively strong, it means that when BTC is rising FYN will rise as well. The negative strong relation will indicate that when BTC is rising FYN value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over FundYourselfNow. If we take all the factors affecting the price of FYN 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 circumstances, such as news, technological releases or crypto related laws.