Does Lykke depend on Bitcoin? According to the correlation analysis, BTC and LKK have a strong positive relationship. The correlation coefficient of their values is 0.59, which was estimated based on the last 100-days' price dynamics of both cryptocurrencies.
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 tells that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and Lykke connection is positively strong, it means that when BTC is growing LKK will grow as well. The negative strong relation will tell that when BTC is rising LKK price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Lykke. If we take all the factors affecting the price of LKK as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other things, such as media, technological releases or crypto related laws.