Does Lucky7Coin depend on Bitcoin? According to the correlation analysis, BTC and LK7 have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price fluctuations of both currencies.
This coefficient may vary 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 assets are moving in the reversed direction while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and Lucky7Coin connection is positively strong, it means that when BTC is growing LK7 will grow as well. The negative strong relation will show that when BTC is growing LK7 value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Lucky7Coin. If we take all the things affecting the price of LK7 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.