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Bitqy (BQ)

Correlation

0.80

Influence

64.00%

Bitcoin and Bitqy Correlation

Does Bitqy depend on Bitcoin? According to the correlation analysis, BTC and BQ have a very strong positive relationship. The correlation coefficient of their prices is 0.80, which was calculated based on the previous 100-days' price dynamics of both assets.

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 indicates that the prices of the currencies are going in the contrary trend while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Bitqy connection is positively strong, it means that when BTC is growing BQ will grow as well. The negative strong relation will indicate that when BTC is growing BQ price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bitqy. If we take all the factors affecting the price of BQ as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other circumstances, such as media, events or politics.