Does Jewels depend on Bitcoin? According to the correlation analysis, BTC and JWL have a weak negative relationship. The correlation coefficient of their prices is -0.29, which was calculated based on the previous 100-days' price dynamics of both coins.
This coefficient may vary 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 going in the contrary direction while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Jewels connection is positively strong, it means that when BTC is growing JWL will rise as well. The negative strong relation will indicate that when BTC is rising JWL value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Jewels. If we take all the aspects affecting the price of JWL as 100%, then the share of BTC price among these factors will be 8.41%. The other part which is 91.59% covers all the other circumstances, such as news, technological releases or crypto related laws.