Does LEOcoin depend on Bitcoin? According to the correlation analysis, BTC and LEO have a very strong positive relationship. The correlation coefficient of their prices is 0.72, which was computed based on the last 100-days' price fluctuations of both assets.
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 means that the prices of the assets are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and LEOcoin connection is positively strong, it means that when BTC is growing LEO will grow as well. The negative strong relation will tell that when BTC is growing LEO price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over LEOcoin. If we take all the aspects affecting the price of LEO as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other things, such as media, events or regulations.