Does OroCoin depend on Bitcoin? According to the correlation analysis, BTC and ORO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price dynamics of both assets.
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 assets are going in the contrary trend while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and OroCoin connection is positively strong, it means that when BTC is rising ORO will rise as well. The negative strong relation will point that when BTC is rising ORO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over OroCoin. If we take all the factors affecting the price of ORO 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 circumstances, such as news, events or regulations.