Does Wings DAO depend on Bitcoin? According to the correlation analysis, BTC and WINGS have a very strong positive relationship. The correlation coefficient of their values is 0.73, which was measured based on the previous 100-days' price movements of both currencies.
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 tells that the prices of the coins are going in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and Wings DAO connection is positively strong, it means that when BTC is growing WINGS will rise as well. The negative strong relation will show that when BTC is rising WINGS price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Wings DAO. If we take all the factors affecting the price of WINGS as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other circumstances, such as news, events or crypto related laws.