Does Obits Coin depend on Bitcoin? Based on the correlation analysis, BTC and OBITS have a very strong positive relationship. The correlation coefficient of their values is 0.79, which was calculated based on the previous 100-days' price dynamics of both currencies.
This coefficient may adjust 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 points that the prices of the currencies are going in the contrary direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Obits Coin connection is positively strong, it means that when BTC is rising OBITS will grow as well. The negative strong relation will point that when BTC is growing OBITS value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Obits Coin. If we take all the aspects affecting the price of OBITS as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other factors, such as news, technological releases or crypto related laws.