Does Humaniq depend on Bitcoin? According to the correlation analysis, BTC and HMQ have a strong positive relationship. The correlation coefficient of their prices is 0.59, which was computed based on the last 100-days' price movements of both cryptocurrencies.
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 indicates that the prices of the assets are moving in the opposite trend while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and Humaniq connection is positively strong, it means that when BTC is growing HMQ will grow as well. The negative strong relation will show that when BTC is growing HMQ price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Humaniq. If we take all the things affecting the price of HMQ as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other factors, such as news, technological releases or politics.