Does WePower depend on Bitcoin? Based on the correlation analysis, BTC and WPR have a strong negative relationship. The correlation coefficient of their values is -0.65, which was calculated based on the previous 100-days' price movements of both assets.
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 opposite trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and WePower connection is positively strong, it means that when BTC is rising WPR will grow as well. The negative strong relation will point that when BTC is growing WPR value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over WePower. If we take all the circumstances affecting the price of WPR as 100%, then the share of BTC price among these factors will be 42.25%. The other part which is 57.75% covers all the other aspects, such as news, technological releases or politics.