Does Open Platform depend on Bitcoin? Based on the correlation analysis, BTC and OPEN have a strong positive relationship. The correlation coefficient of their values is 0.59, which was measured based on the previous 100-days' price movements of both coins.
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 points that the prices of the coins are going in the opposite direction while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and Open Platform connection is positively strong, it means that when BTC is rising OPEN will rise as well. The negative strong relation will point that when BTC is rising OPEN value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Open Platform. If we take all the things affecting the price of OPEN as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other circumstances, such as news, events or politics.