⟷  

BlockLancer (LNC)

Correlation

0.41

Influence

16.81%

Bitcoin and BlockLancer Correlation

Does BlockLancer depend on Bitcoin? According to the correlation analysis, BTC and LNC have a strong positive relationship. The correlation coefficient of their values is 0.41, which was estimated based on the last 100-days' price dynamics 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 points that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and BlockLancer connection is positively strong, it means that when BTC is rising LNC will rise as well. The negative strong relation will indicate that when BTC is growing LNC price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over BlockLancer. If we take all the factors affecting the price of LNC as 100%, then the share of BTC price among these factors will be 16.81%. The other part which is 83.19% covers all the other factors, such as media, technological releases or politics.