Does Orbs depend on Bitcoin? Based on the correlation analysis, BTC and ORBS have a weak negative relationship. The correlation coefficient of their prices is -0.26, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.
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 means that the prices of the coins are moving in the contrary trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and Orbs 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 rising ORBS price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Orbs. If we take all the circumstances affecting the price of ORBS as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other circumstances, such as news, technological releases or regulations.