LitecoinPro (LTCP)





Bitcoin and LitecoinPro Correlation

Does LitecoinPro depend on Bitcoin? Based on the correlation analysis, BTC and LTCP have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.

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 moving in the contrary trend while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and LitecoinPro connection is positively strong, it means that when BTC is rising LTCP will grow as well. The negative strong relation will show that when BTC is rising LTCP price will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over LitecoinPro. If we take all the things affecting the price of LTCP 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 news, events or crypto related laws.