Does OKOIN depend on Bitcoin? According to the correlation analysis, BTC and OKOIN have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price dynamics 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 tells that the prices of the currencies are moving in the contrary trend while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and OKOIN connection is positively strong, it means that when BTC is growing OKOIN will rise as well. The negative strong relation will tell that when BTC is rising OKOIN price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over OKOIN. If we take all the aspects affecting the price of OKOIN 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 aspects, such as news, events or politics.