Does QoraCoin depend on Bitcoin? Based on the correlation analysis, BTC and QORA have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.
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 indicates that the prices of the currencies are moving in the reversed trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and QoraCoin connection is positively strong, it means that when BTC is rising QORA will rise as well. The negative strong relation will show that when BTC is rising QORA value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over QoraCoin. If we take all the circumstances affecting the price of QORA 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 media, technological releases or regulations.