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Oxycoin (OXY)

Correlation

0.78

Influence

60.84%

Bitcoin and Oxycoin Correlation

Does Oxycoin depend on Bitcoin? Based on the correlation analysis, BTC and OXY have a very strong positive relationship. The correlation coefficient of their values is 0.78, which was computed based on the last 100-days' price movements of both cryptocurrencies.

This coefficient may adjust 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 tells that the prices of the assets are moving in the opposite trend while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and Oxycoin connection is positively strong, it means that when BTC is rising OXY will rise as well. The negative strong relation will point that when BTC is rising OXY value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Oxycoin. If we take all the circumstances affecting the price of OXY as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other things, such as media, events or crypto related laws.