Does BitLuckCoin depend on Bitcoin? Based on the correlation analysis, BTC and BTLC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price movements of both currencies.
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 indicates that the prices of the currencies are going in the opposite direction while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and BitLuckCoin connection is positively strong, it means that when BTC is rising BTLC will grow as well. The negative strong relation will show that when BTC is growing BTLC value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitLuckCoin. If we take all the factors affecting the price of BTLC 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 things, such as news, technological releases or regulations.