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ConquestCoin (CQST)

Correlation

0.91

Influence

82.81%

Bitcoin and ConquestCoin Correlation

Does ConquestCoin depend on Bitcoin? According to the correlation analysis, BTC and CQST have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.

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 points that the prices of the coins are moving in the reversed trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and ConquestCoin connection is positively strong, it means that when BTC is rising CQST will rise as well. The negative strong relation will indicate that when BTC is rising CQST price will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over ConquestCoin. If we take all the aspects affecting the price of CQST 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 factors, such as news, technological releases or crypto related laws.