LitecoinX (LTCX)





Bitcoin and LitecoinX Correlation

Does LitecoinX depend on Bitcoin? Based on the correlation analysis, BTC and LTCX have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price dynamics of both coins.

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 tells that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are going in the identical direction. For instance, if Bitcoin and LitecoinX connection is positively strong, it means that when BTC is rising LTCX will rise as well. The negative strong relation will tell that when BTC is rising LTCX price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over LitecoinX. If we take all the things affecting the price of LTCX 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 things, such as news, technological releases or crypto related laws.