Perhaps. To be honest, I also find it somewhat suspicious.
But I think it's mostly because people use Monero instead of speculating.
Since there is a stable demand and stable supply, it evens out. Day traders can arbitrage short term fluctuations to further stabilize it.
It's the same reason gold and silver are also quite stable. Even Bitcoin is quite stable for weeks at a time before it will jump or drop.
BTC wasn't stable because people used and speculated on it. Very few people speculate on Monero since "it could be banned any day now" (9 years in lol) and a decent amount of people actually use it.
I would assume less of Moneros OG coins were lost than with bitcoin where the entire concept of crypto was still new so there are probably a few more whales as well as more coins in circulation. That probably also has an effect on our volatility.
good points!
So when the price breaks say $170 they sell until it comes down? When the price drops below say $135 they swoop in and buy? I don't know much about this sort of thing, but how much would it even take to move the price by n%? Would it just be Marketcap*0.n would get you how much to buy/sell to move the price that much?
Monero all-time high is $542.33 and that's not a cap, so I don't agree with the 135-170 channel theory. XMR has only been stable in this so-called crab market, moving sideways but I don't see malfeasance in that.
Value for crypto assets / currencies is pretty arbritrary, yes it's drawn out of PoW - equipment, knowledge + energy costs. But the value proposition opens it up to an open ended price in, say dollar$. Particularly with Monero there is much less observable network data so we can only go on the gestalt.
I would say that Monero is an unlikely candidate for manipulation as there are so many dark exchanges and non-public transactions, that anybody with the tools and wherewithall to manipulate a crypto-market would earn much more in doggy coins.
I'd say the price of Monero is closely pegged to the price of BTC, though there is a slight trend of Monero gain on this it still correlates hard. And BTC still roughly correlates with the stock market, at least since the noob wave of 2021+.
Post script, I have a feeling, but no evidence, that Monero is used more widely as a true currency than any other crypto - that is sidelining lightning network which is something different, more like a settlement layer. As I mentioned the price is open-ended but Monero stands to gain from the trends of state oppression, digitised currency and surveillance. Anarcho-cypher-punks unite!
I don't know, just a fun conspiracy theory ๐
Since no one knows how much Monero is really transferred, the price is an estimate.
iirc it is possible it just takes some m[a/e]th
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