Does Wanchain depend on Bitcoin? According to the correlation analysis, BTC and WAN have a strong positive relationship. The correlation coefficient of their prices is 0.47, which was computed based on the last 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 shows that the prices of the assets are moving in the contrary direction while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and Wanchain connection is positively strong, it means that when BTC is growing WAN will rise as well. The negative strong relation will show that when BTC is rising WAN value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Wanchain. If we take all the circumstances affecting the price of WAN as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other factors, such as news, events or politics.