Does Ryo depend on Bitcoin? According to the correlation analysis, BTC and RYO have a strong positive relationship. The correlation coefficient of their prices is 0.57, which was estimated based on the last 100-days' price fluctuations of both cryptocurrencies.
This coefficient may vary 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 cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and Ryo connection is positively strong, it means that when BTC is growing RYO will grow as well. The negative strong relation will indicate that when BTC is growing RYO price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Ryo. If we take all the circumstances affecting the price of RYO as 100%, then the share of BTC price among these factors will be 32.49%. The other part which is 67.51% covers all the other circumstances, such as media, events or politics.