Does Open Trading Network depend on Bitcoin? Based on the correlation analysis, BTC and OTN have a moderate positive relationship. The correlation coefficient of their values is 0.33, which was computed based on the last 100-days' price fluctuations of both coins.
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 tells that the prices of the assets are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and Open Trading Network connection is positively strong, it means that when BTC is growing OTN will rise as well. The negative strong relation will point that when BTC is growing OTN value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Open Trading Network. If we take all the things affecting the price of OTN as 100%, then the share of BTC price among these factors will be 10.89%. The other part which is 89.11% covers all the other circumstances, such as media, events or regulations.