Bitcoin And Solana (Btc & Sol ) June4 – July6th, 2022
In my last article, I wrote about the analysis of ethereum and Solana token which showed their price range and also correlation strength. In this article I will be comparing bitcoin with Solana token.
This article seems to talk about bitcoin and solana token.
Objectives Of The Study
In the course of this article, I shall tend to cover the following;
1D box plot of Bitcoin price
1D box plot of Solana price
View modes of price of both tokens (Data and variable )
Maximum and minimum price of Bitcoin And Solana Token
Correlation analysis between Bitcoin and Solana Token
Conclusion
1D box plot of Bitcoin price
1D box plot of Bitcoin price can be seen above. It can be visualized that the price of bitcoin spanned across $18512.90 - $31522.65. It can also be visualized that the price of bitcoin was in between $18000- $20000 for minimum and $30,000- $32000 for the maximum price.
1D box plot of Solana price
1D box plot of Solana price has been shown below. We can see from the plot that the price of solana spanned across $27 - $42. It can also be visualized that the price of solana was in between $25 - $30 for minimum and $40 - $45 for the maximum price.
View modes of price of both tokens (Data and Variable )
The image below represents the variable of both bitcoin and that of solana. Bitcoin is the sixth variable whilst solana is the fifth variable.
Variable view mode
The variable view mode will permit you to create a column needed for your data entry.
Data view mode
Data view mode aids to enter in the data to fill the variable column.
Maximum and Minimum Price of Bitcoin And Solana Token
The maximum price of bitcoin token for that period is $31522.65 and its minimum price is $18512.90
The maximum price of solana for that period is $42.65 and its minimum price is $27.49 for that period of time.
Correlation Analysis Between Bitcoin and Solana
Correlation analysis was carried out between the price of bitcoin and that of solana. However, the correlation coefficient for both prices is .(r= 0.316) shows there is a minimum positive relationship but it is a weak type of relationship.
In a nutshell, bitcoin influence on Solana token price isn’t that effective. However its under probability that as the price of bitcoin pumps, it isn’t assured that Solana token will pump and vice versa because the relationship isn’t strong.
Conclusion
This article has been able to analyze the type of relationship that exist between bitcoin and that of Solana token. It was carried out using the spss software. SPSS stands for statistical package for the social sciences. This article has been able to present the box plot of both bitcoin and Solana token. It also presents the analysis of correlation between bitcoin and Solana which shows a weak type of relationship between both tokens.