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Quicksilver coin (QSLV)

Correlation

0.91

Influence

82.81%

Bitcoin and Quicksilver coin Correlation

Does Quicksilver coin depend on Bitcoin? According to the correlation analysis, BTC and QSLV 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 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 tells that the prices of the currencies are moving in the opposite direction while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and Quicksilver coin connection is positively strong, it means that when BTC is rising QSLV will grow as well. The negative strong relation will indicate that when BTC is rising QSLV value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Quicksilver coin. If we take all the aspects affecting the price of QSLV 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 regulations.