Does ODEM depend on Bitcoin? Based on the correlation analysis, BTC and ODE have a strong positive relationship. The correlation coefficient of their prices is 0.67, which was measured based on the previous 100-days' price movements of both coins.
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 opposite direction while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and ODEM connection is positively strong, it means that when BTC is rising ODE will rise as well. The negative strong relation will show that when BTC is rising ODE value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ODEM . If we take all the things affecting the price of ODE as 100%, then the share of BTC price among these factors will be 44.89%. The other part which is 55.11% covers all the other factors, such as media, events or regulations.