Does Loco depend on Bitcoin? According to the correlation analysis, BTC and LOC have no relationship. The correlation coefficient of their prices is 0.00, which was calculated based on the previous 100-days' price dynamics of both currencies.
This coefficient may change 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 means that the prices of the currencies are going in the contrary direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and Loco connection is positively strong, it means that when BTC is rising LOC will grow as well. The negative strong relation will indicate that when BTC is growing LOC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Loco. If we take all the aspects affecting the price of LOC as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other aspects, such as news, technological releases or crypto related laws.