Does Insanity Coin depend on Bitcoin? Based on the correlation analysis, BTC and WOLF have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.
This coefficient may adjust 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 tells that the prices of the currencies are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Insanity Coin connection is positively strong, it means that when BTC is rising WOLF will grow as well. The negative strong relation will tell that when BTC is rising WOLF price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Insanity Coin. If we take all the circumstances affecting the price of WOLF as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, events or regulations.