Does WRTcoin depend on Bitcoin? According to the correlation analysis, BTC and WRT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price dynamics of both coins.
This coefficient may vary 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 going in the contrary direction while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and WRTcoin connection is positively strong, it means that when BTC is rising WRT will grow as well. The negative strong relation will tell that when BTC is growing WRT price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over WRTcoin. If we take all the aspects affecting the price of WRT as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as media, events or politics.