Does Quantum depend on Bitcoin? Based on the correlation analysis, BTC and QAU have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price dynamics 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 assets are moving in the contrary direction while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Quantum connection is positively strong, it means that when BTC is growing QAU will rise as well. The negative strong relation will show that when BTC is growing QAU price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Quantum. If we take all the aspects affecting the price of QAU 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 circumstances, such as news, technological releases or regulations.