Does Quoine Liquid depend on Bitcoin? Based on the correlation analysis, BTC and QASH have a very strong positive relationship. The correlation coefficient of their values is 0.80, which was computed based on the last 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 tells that the prices of the assets are moving in the opposite direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Quoine Liquid connection is positively strong, it means that when BTC is growing QASH will grow as well. The negative strong relation will point that when BTC is growing QASH price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Quoine Liquid. If we take all the factors affecting the price of QASH as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other circumstances, such as news, events or crypto related laws.