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Octanox (OTX)

Correlation

0.91

Influence

82.81%

Bitcoin and Octanox Correlation

Does Octanox depend on Bitcoin? Based on the correlation analysis, BTC and OTX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations of both cryptocurrencies.

This coefficient may range 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 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 Octanox connection is positively strong, it means that when BTC is growing OTX will rise as well. The negative strong relation will point that when BTC is growing OTX price will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Octanox. If we take all the circumstances affecting the price of OTX 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 circumstances, such as news, events or politics.