Does Ontology Gas depend on Bitcoin? Based on the correlation analysis, BTC and ONGAS have a very strong positive relationship. The correlation coefficient of their prices is 0.79, which was calculated based on the previous 100-days' price fluctuations of both currencies.
This coefficient may adjust 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 going in the reversed direction while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Ontology Gas connection is positively strong, it means that when BTC is rising ONGAS will grow as well. The negative strong relation will tell that when BTC is rising ONGAS value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Ontology Gas. If we take all the aspects affecting the price of ONGAS as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other things, such as news, events or regulations.