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betbox (OX)

Correlation

0.91

Influence

82.81%

Bitcoin and betbox Correlation

Does betbox depend on Bitcoin? According to the correlation analysis, BTC and OX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price movements of both assets.

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 shows that the prices of the currencies are going in the opposite trend while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and betbox connection is positively strong, it means that when BTC is growing OX will grow as well. The negative strong relation will tell that when BTC is growing OX price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over betbox. If we take all the circumstances affecting the price of OX 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, technological releases or regulations.