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BuzzCoin (BUZZ)

Correlation

0.79

Influence

62.41%

Bitcoin and BuzzCoin Correlation

Does BuzzCoin depend on Bitcoin? Based on the correlation analysis, BTC and BUZZ have a very strong positive relationship. The correlation coefficient of their values is 0.79, which was estimated based on the previous 100-days' price movements of both coins.

This coefficient may range 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 cryptocurrencies 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 BuzzCoin connection is positively strong, it means that when BTC is growing BUZZ will rise as well. The negative strong relation will tell that when BTC is rising BUZZ price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BuzzCoin. If we take all the aspects affecting the price of BUZZ as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other factors, such as news, events or regulations.