Does iWallet depend on Bitcoin? Based on the correlation analysis, BTC and IW have no relationship. The correlation coefficient of their values is 0.00, which was calculated based on the last 100-days' price fluctuations 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 indicates that the prices of the currencies are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and iWallet connection is positively strong, it means that when BTC is growing IW will grow as well. The negative strong relation will show that when BTC is rising IW value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over iWallet. If we take all the circumstances affecting the price of IW 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 things, such as news, technological releases or politics.