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Bigbom (BBO)

Correlation

0.74

Influence

54.76%

Bitcoin and Bigbom Correlation

Does Bigbom depend on Bitcoin? According to the correlation analysis, BTC and BBO have a very strong positive relationship. The correlation coefficient of their prices is 0.74, which was calculated based on the previous 100-days' price movements of both currencies.

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 shows that the prices of the currencies are going in the opposite direction while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and Bigbom connection is positively strong, it means that when BTC is rising BBO will grow as well. The negative strong relation will tell that when BTC is growing BBO price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Bigbom. If we take all the things affecting the price of BBO as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other things, such as media, events or regulations.