Does Ocean Protocol depend on Bitcoin? According to the correlation analysis, BTC and OCEAN have a moderate negative relationship. The correlation coefficient of their values is -0.37, which was measured based on the last 100-days' price fluctuations 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 points that the prices of the coins are moving in the reversed trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Ocean Protocol connection is positively strong, it means that when BTC is growing OCEAN will rise as well. The negative strong relation will indicate that when BTC is growing OCEAN value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ocean Protocol. If we take all the factors affecting the price of OCEAN as 100%, then the share of BTC price among these factors will be 13.69%. The other part which is 86.31% covers all the other circumstances, such as news, technological releases or politics.