Does 1World depend on Bitcoin? According to the correlation analysis, BTC and 1WO have a weak negative relationship. The correlation coefficient of their prices is -0.23, which was estimated based on the previous 100-days' price dynamics of both coins.
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 indicates that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are moving in the identical direction. For instance, if Bitcoin and 1World connection is positively strong, it means that when BTC is growing 1WO will rise as well. The negative strong relation will show that when BTC is growing 1WO value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over 1World. If we take all the factors affecting the price of 1WO as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other aspects, such as news, events or crypto related laws.