Does Buying.com depend on Bitcoin? According to the correlation analysis, BTC and BUY have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 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 indicates that the prices of the assets are going in the opposite direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and Buying.com connection is positively strong, it means that when BTC is growing BUY will grow as well. The negative strong relation will show that when BTC is rising BUY price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Buying.com. If we take all the things affecting the price of BUY 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 factors, such as news, events or crypto related laws.