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BitQuark (BTQ)

Correlation

0.91

Influence

82.81%

Bitcoin and BitQuark Correlation

Does BitQuark depend on Bitcoin? According to the correlation analysis, BTC and BTQ have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price fluctuations 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 shows that the prices of the assets are moving in the reversed direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and BitQuark connection is positively strong, it means that when BTC is rising BTQ will rise as well. The negative strong relation will indicate that when BTC is rising BTQ value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitQuark. If we take all the factors affecting the price of BTQ 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 circumstances, such as media, events or politics.