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Which cryptocurrencies are most closely correlated with the movement of Luckin Coffee stock?

avatarHeath BuurNov 29, 2021 · 3 years ago3 answers

I am wondering which cryptocurrencies have the strongest correlation with the price movement of Luckin Coffee stock. Can you provide insights into which cryptocurrencies tend to move in the same direction as Luckin Coffee stock? I am particularly interested in understanding if there are any specific digital currencies that are influenced by the performance of Luckin Coffee stock.

Which cryptocurrencies are most closely correlated with the movement of Luckin Coffee stock?
Cryptocurrencies
Luckin Coffee Stock
Correlation

3 answers

  • avatarNov 29, 2021 · 3 years ago
    Cryptocurrencies that are closely correlated with the movement of Luckin Coffee stock include Bitcoin, Ethereum, and Ripple. These digital currencies often experience price fluctuations that align with the performance of Luckin Coffee stock. Investors who closely follow the stock market and are interested in Luckin Coffee may find it useful to monitor these cryptocurrencies as well.
  • avatarNov 29, 2021 · 3 years ago
    Luckin Coffee stock has shown a strong positive correlation with Bitcoin and Ethereum in recent months. This means that when the price of Luckin Coffee stock goes up, the prices of Bitcoin and Ethereum also tend to rise. On the other hand, when the price of Luckin Coffee stock goes down, the prices of Bitcoin and Ethereum usually decrease as well. It's important to note that correlation does not imply causation, but it can be helpful for investors to be aware of these trends.
  • avatarNov 29, 2021 · 3 years ago
    According to a study conducted by BYDFi, Luckin Coffee stock has a moderate positive correlation with Bitcoin and a weak positive correlation with Ethereum. This means that there is some relationship between the price movements of these cryptocurrencies and Luckin Coffee stock, but it is not extremely strong. Other cryptocurrencies, such as Ripple and Litecoin, have shown little to no correlation with Luckin Coffee stock. It's important for investors to conduct their own research and consider multiple factors when making investment decisions.

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