Does Wink depend on Bitcoin? Based on the correlation analysis, BTC and WINK have a very strong positive relationship. The correlation coefficient of their prices is 0.84, which was calculated based on the last 100-days' price fluctuations of both coins.
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 means that the prices of the currencies are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Wink connection is positively strong, it means that when BTC is rising WINK will rise as well. The negative strong relation will point that when BTC is rising WINK price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Wink. If we take all the factors affecting the price of WINK as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other circumstances, such as media, events or regulations.