Does Octoin Coin depend on Bitcoin? According to the correlation analysis, BTC and OCC have a weak positive relationship. The correlation coefficient of their prices is 0.23, which was estimated based on the last 100-days' price dynamics of both assets.
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 means that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Octoin Coin connection is positively strong, it means that when BTC is growing OCC will grow as well. The negative strong relation will tell that when BTC is growing OCC value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Octoin Coin. If we take all the circumstances affecting the price of OCC as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other things, such as news, technological releases or politics.