Does Play 2 Live depend on Bitcoin? According to the correlation analysis, BTC and LUC have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the last 100-days' price movements of both coins.
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 means that the prices of the assets are moving in the opposite direction while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and Play 2 Live connection is positively strong, it means that when BTC is rising LUC will grow as well. The negative strong relation will show that when BTC is growing LUC price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Play 2 Live. If we take all the aspects affecting the price of LUC as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as news, events or crypto related laws.