Does WarpCoin depend on Bitcoin? According to the correlation analysis, BTC and WARP have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price dynamics of both currencies.
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 means that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and WarpCoin connection is positively strong, it means that when BTC is growing WARP will rise as well. The negative strong relation will tell that when BTC is rising WARP price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over WarpCoin. If we take all the factors affecting the price of WARP as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as news, events or regulations.