Does Obscurebay depend on Bitcoin? According to the correlation analysis, BTC and OBS have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price fluctuations of both currencies.
This coefficient may change 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 tells that the prices of the currencies are going in the reversed direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Obscurebay connection is positively strong, it means that when BTC is rising OBS will rise as well. The negative strong relation will indicate that when BTC is rising OBS price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Obscurebay. If we take all the factors affecting the price of OBS 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 aspects, such as news, events or politics.