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LTO Network (LTO)

Correlation

-0.23

Influence

5.29%

Bitcoin and LTO Network Correlation

Does LTO Network depend on Bitcoin? Based on the correlation analysis, BTC and LTO have a weak negative relationship. The correlation coefficient of their prices is -0.23, which was calculated based on the last 100-days' price movements of both cryptocurrencies.

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 means that the prices of the currencies are moving in the opposite trend while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and LTO Network connection is positively strong, it means that when BTC is rising LTO will grow as well. The negative strong relation will point that when BTC is rising LTO price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over LTO Network. If we take all the aspects affecting the price of LTO as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other factors, such as news, technological releases or crypto related laws.