Does Monero Original depend on Bitcoin? Based on the correlation analysis, BTC and XMO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price dynamics 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 shows that the prices of the assets are going in the contrary trend while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and Monero Original connection is positively strong, it means that when BTC is growing XMO will grow as well. The negative strong relation will indicate that when BTC is rising XMO price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Monero Original. If we take all the things affecting the price of XMO 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 circumstances, such as news, events or politics.