Does Universal Molecule depend on Bitcoin? Based on the correlation analysis, BTC and UMO have a very strong positive relationship. The correlation coefficient of their values is 0.90, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.
This coefficient may range 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 reversed trend while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and Universal Molecule connection is positively strong, it means that when BTC is growing UMO will rise as well. The negative strong relation will indicate that when BTC is growing UMO value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Universal Molecule. If we take all the aspects affecting the price of UMO as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other factors, such as news, technological releases or regulations.