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Wowbit (WWB)

Correlation

-0.70

Influence

49.00%

Bitcoin and Wowbit Correlation

Does Wowbit depend on Bitcoin? According to the correlation analysis, BTC and WWB have a very strong negative relationship. The correlation coefficient of their values is -0.70, which was computed based on the last 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 assets are moving in the opposite direction while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and Wowbit connection is positively strong, it means that when BTC is growing WWB will rise as well. The negative strong relation will tell that when BTC is growing WWB price will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Wowbit. If we take all the things affecting the price of WWB as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other things, such as media, technological releases or politics.