Does Menlo One depend on Bitcoin? According to the correlation analysis, BTC and ONE have a very strong positive relationship. The correlation coefficient of their values is 0.84, which was computed based on the last 100-days' price fluctuations of both cryptocurrencies.
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 assets are moving in the reversed trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Menlo One connection is positively strong, it means that when BTC is rising ONE will rise as well. The negative strong relation will show that when BTC is rising ONE price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Menlo One. If we take all the things affecting the price of ONE as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other things, such as media, events or crypto related laws.