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WandX (WAND)

Correlation

0.83

Influence

68.89%

Bitcoin and WandX Correlation

Does WandX depend on Bitcoin? According to the correlation analysis, BTC and WAND have a very strong positive relationship. The correlation coefficient of their prices is 0.83, which was computed based on the previous 100-days' price dynamics of both assets.

This coefficient may change 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 assets are going in the contrary trend while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and WandX connection is positively strong, it means that when BTC is rising WAND will grow as well. The negative strong relation will show that when BTC is growing WAND price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over WandX. If we take all the aspects affecting the price of WAND as 100%, then the share of BTC price among these factors will be 68.89%. The other part which is 31.11% covers all the other things, such as media, technological releases or crypto related laws.