Does World Crypto Gold depend on Bitcoin? Based on the correlation analysis, BTC and WCG have no or negligible relationship. The correlation coefficient of their values is 0.12, which was estimated based on the previous 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 tells that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and World Crypto Gold connection is positively strong, it means that when BTC is rising WCG will grow as well. The negative strong relation will point that when BTC is growing WCG price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over World Crypto Gold. If we take all the things affecting the price of WCG as 100%, then the share of BTC price among these factors will be 1.44%. The other part which is 98.56% covers all the other things, such as media, events or politics.