the metal that our blood uses is iron, iron has a tendancy to to form redish looking compounds when oxidised,
no to through a spanner in the works, octopi have a copper based molecule that carries oxygen as opposed to our iron bassed hemeglobin...so infact an octopus's blood is pale blue...
so to finally answer your question it's the metal in our blood which determines it's colour
if our blood utelised potassium we would have purple blood just hypothetically :-)