Does HireMatch depend on Bitcoin? According to the correlation analysis, BTC and HIRE have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the last 100-days' price fluctuations of both coins.
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 points that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and HireMatch connection is positively strong, it means that when BTC is rising HIRE will rise as well. The negative strong relation will indicate that when BTC is rising HIRE price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over HireMatch. If we take all the factors affecting the price of HIRE as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as news, technological releases or regulations.