Does Ludum token depend on Bitcoin? According to the correlation analysis, BTC and LDM have a weak positive relationship. The correlation coefficient of their prices is 0.23, which was computed based on the previous 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 going in the reversed direction while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and Ludum token connection is positively strong, it means that when BTC is growing LDM will grow as well. The negative strong relation will point that when BTC is rising LDM value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ludum token. If we take all the factors affecting the price of LDM 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 aspects, such as media, events or crypto related laws.