Does LIFE depend on Bitcoin? According to the correlation analysis, BTC and LIFE have a very strong positive relationship. The correlation coefficient of their values is 0.73, which was computed based on the previous 100-days' price fluctuations of both assets.
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 points that the prices of the assets are going in the reversed trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and LIFE connection is positively strong, it means that when BTC is growing LIFE will grow as well. The negative strong relation will indicate that when BTC is rising LIFE value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over LIFE. If we take all the things affecting the price of LIFE as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other things, such as media, technological releases or regulations.