Bitcoin and BBNCOIN Correlation

Does BBNCOIN depend on Bitcoin? Based on the correlation analysis, BTC and BBN have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the last 100-days' price dynamics of both currencies.

This coefficient may range 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 moving in the contrary direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and BBNCOIN connection is positively strong, it means that when BTC is rising BBN will rise as well. The negative strong relation will show that when BTC is rising BBN price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BBNCOIN. If we take all the factors affecting the price of BBN as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, technological releases or crypto related laws.