LikeCoin (LIKE)





Bitcoin and LikeCoin Correlation

Does LikeCoin depend on Bitcoin? Based on the correlation analysis, BTC and LIKE have a moderate positive relationship. The correlation coefficient of their prices is 0.39, which was computed based on the last 100-days' price movements of both cryptocurrencies.

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 assets are moving in the opposite trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and LikeCoin connection is positively strong, it means that when BTC is rising LIKE will grow as well. The negative strong relation will tell that when BTC is rising LIKE value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over LikeCoin. If we take all the things affecting the price of LIKE as 100%, then the share of BTC price among these factors will be 15.21%. The other part which is 84.79% covers all the other aspects, such as news, events or politics.