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Quatloo (QTL)

Correlation

0.91

Influence

82.81%

Bitcoin and Quatloo Correlation

Does Quatloo depend on Bitcoin? Based on the correlation analysis, BTC and QTL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price movements of both coins.

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 shows that the prices of the currencies are going in the opposite direction while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and Quatloo connection is positively strong, it means that when BTC is rising QTL will rise as well. The negative strong relation will tell that when BTC is rising QTL price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Quatloo. If we take all the circumstances affecting the price of QTL 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 aspects, such as media, technological releases or crypto related laws.