⟷  

Quanta (QNTU)

Correlation

0.62

Influence

38.44%

Bitcoin and Quanta Correlation

Does Quanta depend on Bitcoin? Based on the correlation analysis, BTC and QNTU have a strong positive relationship. The correlation coefficient of their values is 0.62, which was computed based on the last 100-days' price fluctuations of both currencies.

This coefficient may adjust 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 assets are moving in the reversed direction while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and Quanta connection is positively strong, it means that when BTC is growing QNTU will rise as well. The negative strong relation will tell that when BTC is rising QNTU value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Quanta. If we take all the aspects affecting the price of QNTU as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other things, such as media, technological releases or politics.