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OldSafeCoin (OLDSF)

Correlation

0.91

Influence

82.81%

Bitcoin and OldSafeCoin Correlation

Does OldSafeCoin depend on Bitcoin? According to the correlation analysis, BTC and OLDSF have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price dynamics of both coins.

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 going in the contrary direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and OldSafeCoin connection is positively strong, it means that when BTC is growing OLDSF will grow as well. The negative strong relation will show that when BTC is growing OLDSF price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over OldSafeCoin. If we take all the aspects affecting the price of OLDSF 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 factors, such as media, events or politics.