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BigCoin (HUGE)

Correlation

0.91

Influence

82.81%

Bitcoin and BigCoin Correlation

Does BigCoin depend on Bitcoin? Based on the correlation analysis, BTC and HUGE have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price fluctuations of both coins.

This coefficient may adjust 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 going in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and BigCoin connection is positively strong, it means that when BTC is rising HUGE will grow as well. The negative strong relation will point that when BTC is rising HUGE price will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BigCoin. If we take all the factors affecting the price of HUGE 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 circumstances, such as media, technological releases or crypto related laws.