Does Ubiq depend on Bitcoin? According to the correlation analysis, BTC and UBQ have a strong positive relationship. The correlation coefficient of their prices is 0.54, which was computed based on the previous 100-days' price dynamics of both assets.
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 means that the prices of the assets are going in the contrary trend while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and Ubiq connection is positively strong, it means that when BTC is rising UBQ will rise as well. The negative strong relation will point that when BTC is rising UBQ price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Ubiq. If we take all the aspects affecting the price of UBQ as 100%, then the share of BTC price among these factors will be 29.16%. The other part which is 70.84% covers all the other things, such as media, technological releases or politics.