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HeartBout (HB)

Correlation

0.69

Influence

47.61%

Bitcoin and HeartBout Correlation

Does HeartBout depend on Bitcoin? According to the correlation analysis, BTC and HB have a strong positive relationship. The correlation coefficient of their prices is 0.69, which was computed based on the previous 100-days' price dynamics of both currencies.

This coefficient may vary 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 assets are going in the contrary direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and HeartBout connection is positively strong, it means that when BTC is rising HB will rise as well. The negative strong relation will tell that when BTC is growing HB value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over HeartBout. If we take all the factors affecting the price of HB as 100%, then the share of BTC price among these factors will be 47.61%. The other part which is 52.39% covers all the other things, such as media, events or crypto related laws.