Does Quebecoin depend on Bitcoin? Based on the correlation analysis, BTC and QBC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price movements of both currencies.
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 assets are going in the opposite direction while the positive coefficient shows that the prices are going in the identical trend. For example, if Bitcoin and Quebecoin connection is positively strong, it means that when BTC is growing QBC will grow as well. The negative strong relation will point that when BTC is rising QBC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Quebecoin. If we take all the factors affecting the price of QBC 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, technological releases or regulations.