Does OracleChain depend on Bitcoin? According to the correlation analysis, BTC and OCT have a very strong positive relationship. The correlation coefficient of their prices is 0.73, which was calculated 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 means that the prices of the currencies are going in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and OracleChain connection is positively strong, it means that when BTC is rising OCT will grow as well. The negative strong relation will point that when BTC is rising OCT price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over OracleChain. If we take all the circumstances affecting the price of OCT as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other things, such as media, events or crypto related laws.