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Ormeus Coin (ORME)

Correlation

0.58

Influence

33.64%

Bitcoin and Ormeus Coin Correlation

Does Ormeus Coin depend on Bitcoin? According to the correlation analysis, BTC and ORME have a strong positive relationship. The correlation coefficient of their prices is 0.58, which was measured 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 shows that the prices of the coins are moving in the opposite direction while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Ormeus Coin connection is positively strong, it means that when BTC is growing ORME will rise as well. The negative strong relation will tell that when BTC is rising ORME value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Ormeus Coin. If we take all the factors affecting the price of ORME as 100%, then the share of BTC price among these factors will be 33.64%. The other part which is 66.36% covers all the other circumstances, such as news, events or crypto related laws.