Does Qredit depend on Bitcoin? According to the correlation analysis, BTC and XQR have no or negligible relationship. The correlation coefficient of their prices is 0.04, which was calculated based on the previous 100-days' price dynamics of both currencies.
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 shows that the prices of the currencies are going in the contrary direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Qredit connection is positively strong, it means that when BTC is rising XQR will rise as well. The negative strong relation will point that when BTC is growing XQR value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Qredit. If we take all the factors affecting the price of XQR as 100%, then the share of BTC price among these factors will be 0.16%. The other part which is 99.84% covers all the other circumstances, such as media, technological releases or regulations.