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OriginSport (ORS*)

Correlation

0.40

Influence

16.00%

Bitcoin and OriginSport Correlation

Does OriginSport depend on Bitcoin? Based on the correlation analysis, BTC and ORS* have a strong positive relationship. The correlation coefficient of their prices is 0.40, which was computed based on the previous 100-days' price dynamics of both currencies.

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 means that the prices of the assets are going in the contrary direction while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and OriginSport connection is positively strong, it means that when BTC is growing ORS* will rise as well. The negative strong relation will indicate that when BTC is growing ORS* value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over OriginSport. If we take all the factors affecting the price of ORS* as 100%, then the share of BTC price among these factors will be 16.00%. The other part which is 84.00% covers all the other aspects, such as news, technological releases or politics.