Does Opus depend on Bitcoin? According to the correlation analysis, BTC and OPT have a strong positive relationship. The correlation coefficient of their prices is 0.45, which was calculated based on the last 100-days' price dynamics of both assets.
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 shows that the prices of the currencies are moving in the contrary trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and Opus connection is positively strong, it means that when BTC is rising OPT will rise as well. The negative strong relation will point that when BTC is growing OPT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Opus. If we take all the factors affecting the price of OPT as 100%, then the share of BTC price among these factors will be 20.25%. The other part which is 79.75% covers all the other things, such as media, events or politics.