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FutCoin (FUTC)

Correlation

0.91

Influence

82.81%

Bitcoin and FutCoin Correlation

Does FutCoin depend on Bitcoin? Based on the correlation analysis, BTC and FUTC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price movements of both currencies.

This coefficient may range 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 points that the prices of the coins are moving in the opposite direction while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and FutCoin connection is positively strong, it means that when BTC is rising FUTC will grow as well. The negative strong relation will point that when BTC is rising FUTC value will be in contrary decreasing.

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