Does WABnetwork depend on Bitcoin? Based on the correlation analysis, BTC and WAB have a strong positive relationship. The correlation coefficient of their values is 0.62, which was estimated based on the last 100-days' price dynamics of both assets.
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 cryptocurrencies are moving in the contrary trend while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and WABnetwork connection is positively strong, it means that when BTC is rising WAB will grow as well. The negative strong relation will show that when BTC is growing WAB value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over WABnetwork. If we take all the aspects affecting the price of WAB as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other things, such as media, events or politics.