Bitcoin and WorldBTC Correlation

Does WorldBTC depend on Bitcoin? According to the correlation analysis, BTC and WBTC have a strong positive relationship. The correlation coefficient of their prices is 0.63, which was measured based on the last 100-days' price fluctuations of both coins.

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 coins are moving in the reversed direction while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and WorldBTC connection is positively strong, it means that when BTC is growing WBTC will grow as well. The negative strong relation will point that when BTC is rising WBTC value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over WorldBTC. If we take all the circumstances affecting the price of WBTC as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other circumstances, such as media, events or politics.