Does OmniCron depend on Bitcoin? According to the correlation analysis, BTC and OMC have no relationship. The correlation coefficient of their values is 0.00, which was calculated based on the previous 100-days' price movements of both coins.
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 currencies are going in the opposite direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and OmniCron connection is positively strong, it means that when BTC is growing OMC will rise as well. The negative strong relation will indicate that when BTC is rising OMC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over OmniCron. If we take all the things affecting the price of OMC as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other factors, such as media, technological releases or politics.