Does QubitCoin depend on Bitcoin? Based on the correlation analysis, BTC and Q2C have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price movements of both cryptocurrencies.
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 indicates that the prices of the currencies are moving in the opposite trend while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and QubitCoin connection is positively strong, it means that when BTC is growing Q2C will grow as well. The negative strong relation will point that when BTC is rising Q2C price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over QubitCoin. If we take all the circumstances affecting the price of Q2C 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 factors, such as media, events or regulations.