Does TrustedCars FLEX depend on Bitcoin? According to the correlation analysis, BTC and FLEX 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 dynamics of both cryptocurrencies.
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 coins are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and TrustedCars FLEX connection is positively strong, it means that when BTC is rising FLEX will rise as well. The negative strong relation will show that when BTC is rising FLEX price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over TrustedCars FLEX. If we take all the factors affecting the price of FLEX 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.