Does Litebar depend on Bitcoin? According to the correlation analysis, BTC and LTB have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price dynamics 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 points that the prices of the currencies are going in the contrary trend while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and Litebar connection is positively strong, it means that when BTC is rising LTB will rise as well. The negative strong relation will show that when BTC is growing LTB value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Litebar . If we take all the factors affecting the price of LTB 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 politics.