Does Olive depend on Bitcoin? Based on the correlation analysis, BTC and OLE have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 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 means that the prices of the currencies are moving in the opposite direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Olive connection is positively strong, it means that when BTC is rising OLE will rise as well. The negative strong relation will point that when BTC is growing OLE value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Olive. If we take all the circumstances affecting the price of OLE as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as media, events or politics.