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OsmiumCoin (OS76)

Correlation

0.91

Influence

82.81%

Bitcoin and OsmiumCoin Correlation

Does OsmiumCoin depend on Bitcoin? According to the correlation analysis, BTC and OS76 have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price fluctuations of both coins.

This coefficient may vary 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 points that the prices of the coins are moving in the reversed direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and OsmiumCoin connection is positively strong, it means that when BTC is growing OS76 will grow as well. The negative strong relation will tell that when BTC is growing OS76 price will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over OsmiumCoin. If we take all the factors affecting the price of OS76 as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as media, technological releases or crypto related laws.