Chart via Poloniex.comThe 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 fluctuations took place as bitcoin dropped from as much as $910 to $858 over the course of the day’s trading.
Overall, the price movements have allowed the XMR/BTC currency pair to trade within a relatively right range between 0.0139 and 0.0134 BTC.
The BTC markets have been generating significant visibility lately amid the People’s Bank of China’s (PBoC’s) recent inquiry into the trading practices of major exchanges BTCC, Huobi and OKCoin.
These exchanges have since revised their margin trading activity, but the PBoC reportedly announced yesterday that it had found irregularities in the exchanges’ trading operations. It is not yet clear if any punishments will be handed out.
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