Does FuturoCoin depend on Bitcoin? According to the correlation analysis, BTC and FTO have a strong positive relationship. The correlation coefficient of their values is 0.60, which was estimated based on the previous 100-days' price movements 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 tells that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and FuturoCoin connection is positively strong, it means that when BTC is rising FTO will rise as well. The negative strong relation will point that when BTC is growing FTO value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over FuturoCoin. If we take all the circumstances affecting the price of FTO as 100%, then the share of BTC price among these factors will be 36.00%. The other part which is 64.00% covers all the other aspects, such as media, technological releases or crypto related laws.