Does Waves depend on Bitcoin? According to the correlation analysis, BTC and WAVES have a very strong positive relationship. The correlation coefficient of their values is 0.82, which was calculated based on the last 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 currencies are moving in the contrary trend while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Waves connection is positively strong, it means that when BTC is rising WAVES will rise as well. The negative strong relation will point that when BTC is rising WAVES price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Waves. If we take all the things affecting the price of WAVES as 100%, then the share of BTC price among these factors will be 67.24%. The other part which is 32.76% covers all the other aspects, such as news, technological releases or regulations.