Does Fuzzballs depend on Bitcoin? According to the correlation analysis, BTC and FUZZ have a weak negative relationship. The correlation coefficient of their prices is -0.26, which was computed based on the previous 100-days' price movements of both assets.
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 assets are going in the opposite trend while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and Fuzzballs connection is positively strong, it means that when BTC is growing FUZZ will grow as well. The negative strong relation will point that when BTC is rising FUZZ price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Fuzzballs. If we take all the aspects affecting the price of FUZZ as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other things, such as media, events or politics.