Does OpalCoin depend on Bitcoin? According to the correlation analysis, BTC and OPAL have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price dynamics of both coins.
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 indicates that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and OpalCoin connection is positively strong, it means that when BTC is rising OPAL will grow as well. The negative strong relation will tell that when BTC is rising OPAL price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over OpalCoin. If we take all the factors affecting the price of OPAL 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 aspects, such as media, events or crypto related laws.