Does WhaleCoin depend on Bitcoin? According to the correlation analysis, BTC and WHL have a very strong positive relationship. The correlation coefficient of their prices is 0.80, which was estimated based on the last 100-days' price movements of both cryptocurrencies.
This coefficient may change 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 cryptocurrencies are moving in the opposite trend while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and WhaleCoin connection is positively strong, it means that when BTC is rising WHL will rise as well. The negative strong relation will show that when BTC is growing WHL value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over WhaleCoin. If we take all the aspects affecting the price of WHL as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other things, such as news, events or politics.