Bitcoin and WaBi Correlation

Does WaBi depend on Bitcoin? According to the correlation analysis, BTC and WABI have no or negligible relationship. The correlation coefficient of their prices is 0.12, which was measured based on the previous 100-days' price dynamics 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 means that the prices of the coins are going in the contrary direction while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and WaBi connection is positively strong, it means that when BTC is growing WABI will rise as well. The negative strong relation will tell that when BTC is growing WABI value will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over WaBi. If we take all the circumstances affecting the price of WABI as 100%, then the share of BTC price among these factors will be 1.44%. The other part which is 98.56% covers all the other aspects, such as media, technological releases or crypto related laws.