Does OKCash depend on Bitcoin? According to the correlation analysis, BTC and OK have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was estimated based on the last 100-days' price fluctuations of both cryptocurrencies.
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 means that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and OKCash connection is positively strong, it means that when BTC is growing OK will grow as well. The negative strong relation will tell that when BTC is growing OK price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over OKCash. If we take all the factors affecting the price of OK 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 factors, such as media, technological releases or crypto related laws.