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OmiseGo (OMG)

Correlation

0.80

Influence

64.00%

Bitcoin and OmiseGo Correlation

Does OmiseGo depend on Bitcoin? Based on the correlation analysis, BTC and OMG have a very strong positive relationship. The correlation coefficient of their values is 0.80, which was calculated based on the previous 100-days' price dynamics 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 tells that the prices of the currencies are going in the contrary direction while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and OmiseGo connection is positively strong, it means that when BTC is growing OMG will grow as well. The negative strong relation will tell that when BTC is rising OMG value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over OmiseGo. If we take all the circumstances affecting the price of OMG as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other things, such as media, technological releases or politics.