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Wagerr (WGR)

Correlation

0.38

Influence

14.44%

Bitcoin and Wagerr Correlation

Does Wagerr depend on Bitcoin? Based on the correlation analysis, BTC and WGR have a moderate positive relationship. The correlation coefficient of their prices is 0.38, which was estimated based on the last 100-days' price fluctuations 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 means that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient shows that the prices are going in the identical trend. For example, if Bitcoin and Wagerr connection is positively strong, it means that when BTC is rising WGR will rise as well. The negative strong relation will show that when BTC is rising WGR price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Wagerr. If we take all the things affecting the price of WGR as 100%, then the share of BTC price among these factors will be 14.44%. The other part which is 85.56% covers all the other aspects, such as media, technological releases or regulations.