Does Omni depend on Bitcoin? Based on the correlation analysis, BTC and OMNI have a very strong positive relationship. The correlation coefficient of their prices is 0.70, which was calculated based on the last 100-days' price fluctuations of both currencies.
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 indicates that the prices of the currencies are moving in the reversed direction while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and Omni connection is positively strong, it means that when BTC is growing OMNI will rise as well. The negative strong relation will indicate that when BTC is rising OMNI price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Omni. If we take all the aspects affecting the price of OMNI as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other things, such as news, technological releases or regulations.