Does FuturePoints depend on Bitcoin? According to the correlation analysis, BTC and FTP 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 dynamics of both coins.
This coefficient may change 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 coins are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and FuturePoints connection is positively strong, it means that when BTC is growing FTP will grow as well. The negative strong relation will indicate that when BTC is rising FTP price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over FuturePoints. If we take all the circumstances affecting the price of FTP 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 things, such as media, events or regulations.