Does LyraBar depend on Bitcoin? According to the correlation analysis, BTC and LYB have no relationship. The correlation coefficient of their prices is 0.00, which was calculated based on the last 100-days' price dynamics of both coins.
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 means that the prices of the currencies are moving in the contrary direction while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and LyraBar connection is positively strong, it means that when BTC is growing LYB will rise as well. The negative strong relation will tell that when BTC is rising LYB value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over LyraBar. If we take all the factors affecting the price of LYB as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other things, such as media, technological releases or regulations.