Does Harmony depend on Bitcoin? Based on the correlation analysis, BTC and ONE have a moderate negative relationship. The correlation coefficient of their values is -0.39, which was computed based on the previous 100-days' price movements 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 points that the prices of the assets are going in the opposite direction while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and Harmony connection is positively strong, it means that when BTC is growing ONE will grow as well. The negative strong relation will show that when BTC is growing ONE price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Harmony. If we take all the things affecting the price of ONE as 100%, then the share of BTC price among these factors will be 15.21%. The other part which is 84.79% covers all the other factors, such as media, events or regulations.