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Octocoin (888)

Correlation

-0.42

Influence

17.64%

Bitcoin and Octocoin Correlation

Does Octocoin depend on Bitcoin? Based on the correlation analysis, BTC and 888 have a strong negative relationship. The correlation coefficient of their prices is -0.42, which was measured 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 shows that the prices of the coins are going in the reversed trend while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and Octocoin connection is positively strong, it means that when BTC is rising 888 will grow as well. The negative strong relation will point that when BTC is growing 888 value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Octocoin. If we take all the factors affecting the price of 888 as 100%, then the share of BTC price among these factors will be 17.64%. The other part which is 82.36% covers all the other factors, such as media, events or politics.