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Budbo (BUBO)

Correlation

-0.11

Influence

1.21%

Bitcoin and Budbo Correlation

Does Budbo depend on Bitcoin? According to the correlation analysis, BTC and BUBO have no or negligible relationship. The correlation coefficient of their values is -0.11, which was computed based on the last 100-days' price movements of both coins.

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 tells that the prices of the assets are moving in the opposite direction while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and Budbo connection is positively strong, it means that when BTC is growing BUBO will grow as well. The negative strong relation will show that when BTC is rising BUBO value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Budbo. If we take all the circumstances affecting the price of BUBO as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other factors, such as media, events or politics.