Does Upfiring depend on Bitcoin? According to the correlation analysis, BTC and UFR have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was computed based on the last 100-days' price fluctuations 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 shows that the prices of the assets are moving in the reversed trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and Upfiring connection is positively strong, it means that when BTC is growing UFR will rise as well. The negative strong relation will indicate that when BTC is rising UFR price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Upfiring. If we take all the circumstances affecting the price of UFR as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other factors, such as media, events or politics.