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Lympo (LYM)

Correlation

0.80

Influence

64.00%

Bitcoin and Lympo Correlation

Does Lympo depend on Bitcoin? Based on the correlation analysis, BTC and LYM have a very strong positive relationship. The correlation coefficient of their values is 0.80, which was estimated based on the last 100-days' price movements of both assets.

This coefficient may range 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 points that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and Lympo connection is positively strong, it means that when BTC is growing LYM will grow as well. The negative strong relation will point that when BTC is growing LYM value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Lympo. If we take all the things affecting the price of LYM as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other aspects, such as news, events or politics.