Does Lutetium Coin depend on Bitcoin? According to the correlation analysis, BTC and LC have no or negligible relationship. The correlation coefficient of their values is -0.04, which was measured based on the last 100-days' price fluctuations 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 indicates that the prices of the coins are moving in the reversed direction while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and Lutetium Coin connection is positively strong, it means that when BTC is rising LC will grow as well. The negative strong relation will indicate that when BTC is rising LC value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Lutetium Coin. If we take all the things affecting the price of LC as 100%, then the share of BTC price among these factors will be 0.16%. The other part which is 99.84% covers all the other factors, such as news, technological releases or crypto related laws.