Does Lisk depend on Bitcoin? According to the correlation analysis, BTC and LSK have a very strong positive relationship. The correlation coefficient of their prices is 0.77, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 currencies are going in the reversed trend while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and Lisk connection is positively strong, it means that when BTC is rising LSK will rise as well. The negative strong relation will show that when BTC is growing LSK price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Lisk. If we take all the things affecting the price of LSK as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other things, such as news, events or crypto related laws.