Does OlympCoin depend on Bitcoin? Based on the correlation analysis, BTC and OLYMP have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations of both assets.
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 cryptocurrencies are going in the reversed trend while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and OlympCoin connection is positively strong, it means that when BTC is growing OLYMP will grow as well. The negative strong relation will show that when BTC is growing OLYMP price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over OlympCoin. If we take all the circumstances affecting the price of OLYMP 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 things, such as media, technological releases or crypto related laws.