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CryptoWave (CWV)

Correlation

-0.30

Influence

9.00%

Bitcoin and CryptoWave Correlation

Does CryptoWave depend on Bitcoin? Based on the correlation analysis, BTC and CWV have a moderate negative relationship. The correlation coefficient of their prices is -0.30, which was estimated based on the last 100-days' price movements 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 means that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and CryptoWave connection is positively strong, it means that when BTC is growing CWV will rise as well. The negative strong relation will show that when BTC is rising CWV value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over CryptoWave. If we take all the factors affecting the price of CWV as 100%, then the share of BTC price among these factors will be 9.00%. The other part which is 91.00% covers all the other factors, such as news, events or crypto related laws.