Does BitcoinWhite depend on Bitcoin? Based on the correlation analysis, BTC and BTW have no relationship. The correlation coefficient of their values is -0.00, which was estimated based on the previous 100-days' price movements of both coins.
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 cryptocurrencies are going in the opposite direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and BitcoinWhite connection is positively strong, it means that when BTC is growing BTW will rise as well. The negative strong relation will indicate that when BTC is rising BTW value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BitcoinWhite. If we take all the aspects affecting the price of BTW as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other circumstances, such as news, events or regulations.