Does Litecoin Plus depend on Bitcoin? Based on the correlation analysis, BTC and LCP have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was measured based on the previous 100-days' price fluctuations of both assets.
This coefficient may adjust 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 indicates that the prices of the coins are going in the reversed trend while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Litecoin Plus connection is positively strong, it means that when BTC is rising LCP will grow as well. The negative strong relation will point that when BTC is rising LCP value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Litecoin Plus. If we take all the circumstances affecting the price of LCP as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other things, such as media, technological releases or regulations.