Does MyWish depend on Bitcoin? According to the correlation analysis, BTC and WISH have a strong positive relationship. The correlation coefficient of their prices is 0.55, which was calculated based on the last 100-days' price fluctuations of both currencies.
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 moving in the reversed direction while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and MyWish connection is positively strong, it means that when BTC is growing WISH will grow as well. The negative strong relation will show that when BTC is growing WISH price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MyWish. If we take all the things affecting the price of WISH as 100%, then the share of BTC price among these factors will be 30.25%. The other part which is 69.75% covers all the other aspects, such as media, events or politics.