Does Quartz depend on Bitcoin? According to the correlation analysis, BTC and QTZ have no or negligible relationship. The correlation coefficient of their values is -0.08, which was computed based on the previous 100-days' price dynamics of both currencies.
This coefficient may vary 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 going in the contrary direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and Quartz connection is positively strong, it means that when BTC is growing QTZ will grow as well. The negative strong relation will indicate that when BTC is growing QTZ value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Quartz. If we take all the aspects affecting the price of QTZ as 100%, then the share of BTC price among these factors will be 0.64%. The other part which is 99.36% covers all the other things, such as news, technological releases or politics.