Does On.Live depend on Bitcoin? Based on the correlation analysis, BTC and ONL have a very strong positive relationship. The correlation coefficient of their prices is 0.78, which was estimated based on the previous 100-days' price dynamics 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 contrary trend while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and On.Live connection is positively strong, it means that when BTC is growing ONL will rise as well. The negative strong relation will indicate that when BTC is growing ONL value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over On.Live. If we take all the aspects affecting the price of ONL as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other aspects, such as media, events or regulations.