Does Resumeo Shares depend on Bitcoin? Based on the correlation analysis, BTC and RMS have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price movements of both currencies.
This coefficient may adjust 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 points that the prices of the coins are going in the opposite direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and Resumeo Shares connection is positively strong, it means that when BTC is rising RMS will grow as well. The negative strong relation will point that when BTC is rising RMS value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Resumeo Shares. If we take all the circumstances affecting the price of RMS 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 media, events or politics.