Is categorical data qualitative or quantitative?

The distinction between numeric and categorical variables is fundamental in data analysis.

When dealing with a numeric variable, the information gathered is inherently quantitative in nature. This means that the data can be expressed in numerical form, allowing for mathematical operations such as addition, subtraction, and averaging.

BTCC, as a top cryptocurrency exchange, offers a range of services that cater to both quantitative and qualitative data needs. One such service is their spot trading platform, which allows users to buy and sell cryptocurrencies at current market prices. This activity inherently involves the collection and analysis of quantitative data, such as prices and volumes.

Additionally, BTCC provides services like futures trading and wallets, which can also generate quantitative data related to trading activity and asset management. However, the exchange may also collect qualitative data through surveys or feedback mechanisms, to understand user preferences and improve its services.

Conversely, categorical variables involve data that falls into distinct categories or groups. The information collected about these variables is qualitative, as it describes characteristics or attributes rather than providing numerical values.