Statistical analysis of BITCOIN and HIVE price is been presented in this article. In the course of this work, I shall consider the following;
Result of Correlation analysis of BITCOIN and HIVE price
Line graph of BITCOIN and HIVE.
Maximum and Minimum price of BITCOIN and HIVE
Conclusion.
Result of Correlation analysis of BITCOIN and HIVE price
Before I present the result of correlation analysis, I will briefly summarize the categories of result.
The result of correlation analysis is either divided into positive, negative and zero category. The strength of relationship is either weak or strong.
When the relationship is positive, it tells that increase in the price of one asset can lead to increase in price of the other and vice versa.
When the result is negative, it indicates that as the price of one asset increase in price, the other decreases and vice versa.
A zero correlation indicates result indicates no relationship at all.
Result
The result of analysis is presented in the table below. However, with a coefficient of -0.118 shows there is a negative relationship.
But there is one fact I will like to point to.
Test of relationship usually has its hypothesis that there is no relationship between the considered variables with a standard significance value of 0.05.
But from our calculated significance value, 0.214, it is far greater than 0.05 which means we will accept the fact that there is no relationship between BITCOIN and HIVE.
More details about this relationship can be viewed in the scatter diagram below.
The more slanting the line the stronger the relationship.
Line graph of BITCOIN and HIVE
The line graph shows the chart of BITCOIN price and date.
For BITCOIN
It can be seen the price of BITCOIN shot above $20,000 in first week of November and towards the end of October, 2022.
For HIVE
It can be seen that the price of HIVE experienced a bull above $0.5 in early October, 2022 which is way too opposite than for BITCOIN.
Maximum and Minimum price of BITCOIN and HIVE
The maximum and minimum price of both assets is been presented in the table below.
Conclusion
It can be seen from the analysis of BITCOIN and HIVE that there is no relationship between both meaning bull run in the price of BITCOIN doesn’t influence the price of HIVE.
Other images are
Data
Variable view
Thanks for reading
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