Does ORIUM depend on Bitcoin? According to the correlation analysis, BTC and ORM have a weak negative relationship. The correlation coefficient of their prices is -0.26, which was computed based on the last 100-days' price movements 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 means that the prices of the assets are moving in the opposite direction while the positive coefficient shows that the prices are going in the identical direction. For example, if Bitcoin and ORIUM connection is positively strong, it means that when BTC is rising ORM will grow as well. The negative strong relation will tell that when BTC is growing ORM price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ORIUM. If we take all the factors affecting the price of ORM 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 aspects, such as media, events or crypto related laws.