Does Oceanlab depend on Bitcoin? According to the correlation analysis, BTC and OCL have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was estimated based on the previous 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 tells that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and Oceanlab connection is positively strong, it means that when BTC is growing OCL will rise as well. The negative strong relation will tell that when BTC is rising OCL value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Oceanlab. If we take all the things affecting the price of OCL as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as media, events or crypto related laws.