LimeCoinX (LIMX)





Bitcoin and LimeCoinX Correlation

Does LimeCoinX depend on Bitcoin? According to the correlation analysis, BTC and LIMX have a very strong positive relationship. The correlation coefficient of their prices is 0.74, which was estimated based on the previous 100-days' price dynamics 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 cryptocurrencies are going in the contrary trend while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and LimeCoinX connection is positively strong, it means that when BTC is rising LIMX will grow as well. The negative strong relation will indicate that when BTC is growing LIMX price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over LimeCoinX. If we take all the aspects affecting the price of LIMX as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other circumstances, such as media, events or regulations.