Does Online depend on Bitcoin? According to the correlation analysis, BTC and OIO have a weak positive relationship. The correlation coefficient of their prices is 0.29, which was calculated based on the previous 100-days' price movements of both assets.
This coefficient may change 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 shows that the prices of the currencies are going in the opposite trend while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and Online connection is positively strong, it means that when BTC is growing OIO will grow as well. The negative strong relation will point that when BTC is growing OIO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Online. If we take all the aspects affecting the price of OIO as 100%, then the share of BTC price among these factors will be 8.41%. The other part which is 91.59% covers all the other factors, such as news, technological releases or regulations.