Does Poseidon Quark depend on Bitcoin? Based on the correlation analysis, BTC and POSQ have a strong negative relationship. The correlation coefficient of their prices is -0.52, which was estimated based on the last 100-days' price movements of both coins.
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 means that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and Poseidon Quark connection is positively strong, it means that when BTC is growing POSQ will grow as well. The negative strong relation will indicate that when BTC is growing POSQ value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Poseidon Quark. If we take all the things affecting the price of POSQ as 100%, then the share of BTC price among these factors will be 27.04%. The other part which is 72.96% covers all the other things, such as media, technological releases or politics.