Is There A Relationship Between HIVE and BNB?

One of my biggest concern which I was able to be carried out successfully is finding the relationship between HIVE and BNB which will be presented under the following sections in the course of this work. The statistics was collected from the month of October – November, 2022.

Result of correlation analysis

The result of correlation analysis is been presented in this section.

The coefficient of correlation between BNB and HIVE is 0.274. Coefficients of correlation lies between -1 to 0 for a negative relationship, the closer the coefficient is to -1 the stronger the relationship. The coefficient for positive correlation lies between 0 and +1 , the closer the coefficient to +1 the stronger the relationship.

This is way to easier to conclude that there is a relationship between the price of HIVE and BNB but it is a weak one.

Scatterdot diagram for BNB and HIVE

The scatter dot diagram also explains part of the relationship useful for predicting the price of HIVE when that of BNB is known using the line of intersection. However the scatter dot tries to prove a relationship as well.

BNB versus HIVE

This section plots a graph of BNB versus HIVE. It can be seen the points of intersection are clustered against each other diagonally. This tells us that there is a relationship but it’s at weaker level. When the points are free/ scattered , the relationship is said to be strong.

Maximum and minimum price of BNB and HIVE

The maximum and minimum price of HIVE and BNB is presented in the table below.

Other images includes
Data view

Variable view

Conclusion

This article has been able to present the type of relationship that exists between HIVE and BNB. It was summarized to be a weak positive relationship. Other concerns such as BNB/ HIVE plot, maximum and minimum price of BNB and HIVE were also presented in this article.