Does WeAreSatoshi depend on Bitcoin? Based on the correlation analysis, BTC and WSX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price fluctuations of both assets.
This coefficient may range 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 currencies are moving in the reversed trend while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and WeAreSatoshi connection is positively strong, it means that when BTC is growing WSX will grow as well. The negative strong relation will tell that when BTC is rising WSX price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over WeAreSatoshi. If we take all the factors affecting the price of WSX 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 circumstances, such as media, technological releases or regulations.