Does Orbis depend on Bitcoin? According to the correlation analysis, BTC and ORBS have a strong positive relationship. The correlation coefficient of their prices is 0.54, which was calculated based on the last 100-days' price dynamics 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 means that the prices of the currencies are moving in the contrary direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Orbis connection is positively strong, it means that when BTC is growing ORBS will rise as well. The negative strong relation will tell that when BTC is growing ORBS value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Orbis. If we take all the aspects affecting the price of ORBS as 100%, then the share of BTC price among these factors will be 29.16%. The other part which is 70.84% covers all the other aspects, such as media, events or regulations.