Monero Prices Are Forging Closer Ties to Bitcoin

Monero Prices Are Forging Closer Ties to Bitcoin

The price of monero appears to be developing a closer relationship with bitcoin, the world's largest digital currency. Over the last six weeks, the two cryptocurrencies have displayed a correlation of 0.89, though it recent days this figure has edged higher. The pair enjoyed a tight correlation of 0.96 on 18th January, a time during which monero prices plunged roughly 10% as the privacy-oriented digital currency followed a drop in bitcoin prices. The price of monero fell to as little as $11.50, 9.9% below the daily high of $12.76 reached at 01:15 UTC, Poloniex data reveals. These price....


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Quotes

Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up.

Satoshi Nakamoto, Bitcoin Developer