Does WavesGO depend on Bitcoin? Based on the correlation analysis, BTC and WGO have a moderate negative relationship. The correlation coefficient of their values is -0.38, which was calculated based on the previous 100-days' price dynamics of both currencies.
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 points that the prices of the currencies are going in the contrary direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and WavesGO connection is positively strong, it means that when BTC is growing WGO will grow as well. The negative strong relation will indicate that when BTC is rising WGO value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over WavesGO. If we take all the aspects affecting the price of WGO 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 factors, such as news, events or politics.