Any reason why it happens now instead of when all the major cryptos went up?

I don’t understand the market 😵, just seems like trading bots doing their thing

  • mister_monster@monero.townEnglish
    4·
    22 days ago

    Dude quit trying to ascribe reasons. Nobody knows, we have pet theories, maybe they fit the empirically observed phenphenomena, maybe not. You see one too many news sites saying “bitcoin breaks 95k as fed reduces interest rates” and think there’s some formula or magic ball or insiders or something, every article like that is lies and paid propaganda. we don’t know.

    We can deduce though, since XMR appears to fluctuate not entirely in lock step with bitcoin, that it’s short term demand changes are not for the same reasons, or by the same people, as bitcoin. My pet theory is that after spikes in btc and ETH and what not, people sell, and a lot of that gets moved through XMR to break the links. That’s been my hypothesis for a few years now for why xmr appears to spike in between bitcoin or ETH jumps, and so my mental model predicts that a spike in btc will often be followed by a spike in xmr, so it’s predictive and therefore should be empirically testable.

  • Matt@lemmy.ml
    2·
    21 days ago

    Because it is not tied to any other Crypto AFAIK. This isn’t stablecoin.

    • azalty@jlai.luOPEnglish
      1·
      21 days ago

      Then it doesn’t explain why the price went up at all

      A lot of cryptos increase at the same time

      • Matt@lemmy.ml
        1·
        21 days ago

        Monero generally goes up when something good happens. It goes down when things go south for it (e.g. Chainalysis found a way to crack it/Kraken delisting it in the EEA)

  • key_brolin@monero.townEnglish
    1·
    21 days ago

    Because the time has come. Monero deserves to cost a bit more than it was. I’ve already made several swaps on Exolix, buying Monero again, plan to add it to my portfolio

  • rattie_ok@monero.town
    1·
    22 days ago

    XMR is a dinosaur coin. It’s 2 cycles old now, and too tiny and non-liquid for 2x, or even 5x.

    Don’t worry, though. This pump is all this cycle has in store for us. From now on, it’s all red candles for the next 4 years. Plenty of time to DCA and, you know, lose constantly money. Old Altcoins 101.