Does QuBuck Coin depend on Bitcoin? According to the correlation analysis, BTC and QBK have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price dynamics of both currencies.
This coefficient may change 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 cryptocurrencies are moving in the contrary direction while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and QuBuck Coin connection is positively strong, it means that when BTC is growing QBK will grow as well. The negative strong relation will point that when BTC is growing QBK value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over QuBuck Coin. If we take all the factors affecting the price of QBK 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, events or politics.