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BitLux (LUX*)

Correlation

0.91

Influence

82.81%

Bitcoin and BitLux Correlation

Does BitLux depend on Bitcoin? According to the correlation analysis, BTC and LUX* have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price fluctuations of both currencies.

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 shows that the prices of the currencies are moving in the reversed direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and BitLux connection is positively strong, it means that when BTC is rising LUX* will grow as well. The negative strong relation will tell that when BTC is growing LUX* price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BitLux. If we take all the aspects affecting the price of LUX* 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 circumstances, such as news, events or politics.