Does Onix depend on Bitcoin? According to the correlation analysis, BTC and ONX have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price dynamics of both coins.
This coefficient may change 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 going in the contrary direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Onix connection is positively strong, it means that when BTC is rising ONX will rise as well. The negative strong relation will point that when BTC is growing ONX price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Onix. If we take all the circumstances affecting the price of ONX 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 things, such as media, events or politics.