Does Webcoin depend on Bitcoin? Based on the correlation analysis, BTC and WEB have a weak negative relationship. The correlation coefficient of their prices is -0.27, which was measured based on the last 100-days' price fluctuations of both coins.
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 coins are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and Webcoin connection is positively strong, it means that when BTC is rising WEB will rise as well. The negative strong relation will show that when BTC is growing WEB price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Webcoin. If we take all the things affecting the price of WEB as 100%, then the share of BTC price among these factors will be 7.29%. The other part which is 92.71% covers all the other circumstances, such as media, events or regulations.