Bitcoin and BUMO Correlation

Does BUMO depend on Bitcoin? Based on the correlation analysis, BTC and BU have a strong negative relationship. The correlation coefficient of their prices is -0.46, which was estimated based on the last 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 means that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and BUMO connection is positively strong, it means that when BTC is growing BU will grow as well. The negative strong relation will indicate that when BTC is rising BU value will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BUMO. If we take all the circumstances affecting the price of BU as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other circumstances, such as media, events or crypto related laws.