Does OrlyCoin depend on Bitcoin? According to the correlation analysis, BTC and ORLY have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.
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 moving in the contrary trend while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and OrlyCoin connection is positively strong, it means that when BTC is growing ORLY will rise as well. The negative strong relation will indicate that when BTC is rising ORLY price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over OrlyCoin. If we take all the circumstances affecting the price of ORLY 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 news, events or crypto related laws.