Does QuarkCoin depend on Bitcoin? Based on the correlation analysis, BTC and QRK have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price dynamics of both assets.
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 shows that the prices of the coins are going in the contrary trend while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and QuarkCoin connection is positively strong, it means that when BTC is growing QRK will rise as well. The negative strong relation will show that when BTC is growing QRK value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over QuarkCoin. If we take all the circumstances affecting the price of QRK 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 things, such as media, events or politics.