Does Optimal Shelf Availability Token depend on Bitcoin? According to the correlation analysis, BTC and OSA have a very strong positive relationship. The correlation coefficient of their values is 0.71, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.
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 coins are moving in the contrary trend while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and Optimal Shelf Availability Token connection is positively strong, it means that when BTC is rising OSA will rise as well. The negative strong relation will point that when BTC is growing OSA value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Optimal Shelf Availability Token. If we take all the aspects affecting the price of OSA as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other aspects, such as news, events or politics.