Does Wi Coin depend on Bitcoin? Based on the correlation analysis, BTC and WIC have a weak positive relationship. The correlation coefficient of their prices is 0.28, which was estimated based on the last 100-days' price dynamics 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 cryptocurrencies are moving in the contrary direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and Wi Coin connection is positively strong, it means that when BTC is growing WIC will rise as well. The negative strong relation will point that when BTC is rising WIC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Wi Coin. If we take all the things affecting the price of WIC as 100%, then the share of BTC price among these factors will be 7.84%. The other part which is 92.16% covers all the other things, such as media, events or politics.