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Local World Forwarders (LWF)

Correlation

0.89

Influence

79.21%

Bitcoin and Local World Forwarders Correlation

Does Local World Forwarders depend on Bitcoin? Based on the correlation analysis, BTC and LWF have a very strong positive relationship. The correlation coefficient of their values is 0.89, which was measured based on the last 100-days' price movements of both currencies.

This coefficient may range 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 coins are moving in the opposite direction while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and Local World Forwarders connection is positively strong, it means that when BTC is growing LWF will rise as well. The negative strong relation will tell that when BTC is growing LWF value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Local World Forwarders. If we take all the factors affecting the price of LWF as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other factors, such as media, events or regulations.