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Ethereum Qchain Token (EQC)

Correlation

0.23

Influence

5.29%

Bitcoin and Ethereum Qchain Token Correlation

Does Ethereum Qchain Token depend on Bitcoin? Based on the correlation analysis, BTC and EQC have a weak positive relationship. The correlation coefficient of their values is 0.23, which was estimated based on the last 100-days' price fluctuations of both assets.

This coefficient may range 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 cryptocurrencies are moving in the reversed trend while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and Ethereum Qchain Token connection is positively strong, it means that when BTC is rising EQC will grow as well. The negative strong relation will point that when BTC is growing EQC value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Ethereum Qchain Token. If we take all the aspects affecting the price of EQC as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other factors, such as news, technological releases or crypto related laws.