Does Giga Watt depend on Bitcoin? Based on the correlation analysis, BTC and WTT have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the previous 100-days' price dynamics 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 assets are going in the contrary trend while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and Giga Watt connection is positively strong, it means that when BTC is growing WTT will rise as well. The negative strong relation will show that when BTC is rising WTT price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Giga Watt. If we take all the things affecting the price of WTT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as media, technological releases or crypto related laws.