Honey (HONEY)





Bitcoin and Honey Correlation

Does Honey depend on Bitcoin? Based on the correlation analysis, BTC and HONEY have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price movements of both assets.

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 means that the prices of the assets are moving in the opposite trend while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and Honey connection is positively strong, it means that when BTC is growing HONEY will grow as well. The negative strong relation will point that when BTC is growing HONEY value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Honey. If we take all the aspects affecting the price of HONEY 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 circumstances, such as media, events or politics.