Does LemonCoin depend on Bitcoin? According to the correlation analysis, BTC and LEMON have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price fluctuations 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 moving in the reversed direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and LemonCoin connection is positively strong, it means that when BTC is rising LEMON will grow as well. The negative strong relation will indicate that when BTC is rising LEMON price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over LemonCoin. If we take all the aspects affecting the price of LEMON 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 factors, such as media, events or crypto related laws.