LuckyBlocks (LUCKY)





Bitcoin and LuckyBlocks Correlation

Does LuckyBlocks depend on Bitcoin? According to the correlation analysis, BTC and LUCKY have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.

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 cryptocurrencies are going in the contrary trend while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and LuckyBlocks connection is positively strong, it means that when BTC is growing LUCKY will grow as well. The negative strong relation will show that when BTC is growing LUCKY value will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over LuckyBlocks. If we take all the things affecting the price of LUCKY 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 things, such as news, technological releases or regulations.