LibrexCoin (LXC)





Bitcoin and LibrexCoin Correlation

Does LibrexCoin depend on Bitcoin? Based on the correlation analysis, BTC and LXC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations of both assets.

This coefficient may range 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 cryptocurrencies are going in the reversed trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and LibrexCoin connection is positively strong, it means that when BTC is growing LXC will rise as well. The negative strong relation will indicate that when BTC is growing LXC price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over LibrexCoin. If we take all the aspects affecting the price of LXC 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 media, technological releases or regulations.