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Omnitude (ECOM)

Correlation

0.42

Influence

17.64%

Bitcoin and Omnitude Correlation

Does Omnitude depend on Bitcoin? Based on the correlation analysis, BTC and ECOM have a strong positive relationship. The correlation coefficient of their prices is 0.42, which was computed based on the previous 100-days' price fluctuations 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 indicates that the prices of the assets are going in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Omnitude connection is positively strong, it means that when BTC is rising ECOM will rise as well. The negative strong relation will indicate that when BTC is growing ECOM price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Omnitude. If we take all the aspects affecting the price of ECOM as 100%, then the share of BTC price among these factors will be 17.64%. The other part which is 82.36% covers all the other aspects, such as news, technological releases or crypto related laws.