Does LiteCreed depend on Bitcoin? Based on the correlation analysis, BTC and LTCR 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 movements 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 indicates that the prices of the coins are moving in the opposite direction while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and LiteCreed connection is positively strong, it means that when BTC is rising LTCR will rise as well. The negative strong relation will point that when BTC is growing LTCR value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over LiteCreed. If we take all the things affecting the price of LTCR 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 aspects, such as media, events or politics.