Wood Coin (LOG)





Bitcoin and Wood Coin Correlation

Does Wood Coin depend on Bitcoin? According to the correlation analysis, BTC and LOG have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price movements 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 tells that the prices of the assets are going in the opposite direction while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Wood Coin connection is positively strong, it means that when BTC is growing LOG will rise as well. The negative strong relation will show that when BTC is rising LOG price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Wood Coin. If we take all the aspects affecting the price of LOG as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as news, events or crypto related laws.