Does Well depend on Bitcoin? Based on the correlation analysis, BTC and WELL have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated 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 cryptocurrencies are going in the contrary direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Well connection is positively strong, it means that when BTC is growing WELL will grow as well. The negative strong relation will point that when BTC is rising WELL value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Well. If we take all the things affecting the price of WELL as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, technological releases or crypto related laws.