Does ICO OpenLedger depend on Bitcoin? According to the correlation analysis, BTC and ICOO have a very strong positive relationship. The correlation coefficient of their prices is 0.90, which was computed based on the last 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 means that the prices of the assets are moving in the opposite trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and ICO OpenLedger connection is positively strong, it means that when BTC is growing ICOO will grow as well. The negative strong relation will tell that when BTC is rising ICOO value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ICO OpenLedger. If we take all the factors affecting the price of ICOO as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other circumstances, such as news, technological releases or crypto related laws.