Wooow! XMR price dived, driven by BTC.
I don't think you interpret what you see correctly. The only quote to measure XMR performance is XMR/BTC, at least for the time being. XMR/USD is a mere recalculation of the former vs BTC/USD. If anything, this drop in BTC can actually help XMR to climb a bit higher.
Yes, I agree with you. I'm referring to the dive of USD value.
If we look at XMR/BTC, it stayed the same at around 0.016 BTC.
So it didn't dive? Why would you value XMR is fiat? Only metric is relative value to the crypto king XBT.
I personally don't value it in fiat. I'm referring to the numbers I see on exchanges (those numbers from HIGH went LOW in USD/XMR).
This is just a random thought on the subject...
Until a much larger percentage of XMR (maybe 50%+) is bought and/or traded for with USD (and other fiat), it will continue to be hard to valuate XMR in USD without a conversion to BTC first since almost all XMR trading is currently done with BTC. Now, with all of the exchanges that have/are adding XMR/USD pairs we may have some excellent arbitrage opportunities as some of the markets will have price moves that are much faster or slower, providing price mismatches between exchanges, at least until the volume increases enough to help keep markets in sync. You'll see the spreads tighten as more arbitrage bots are set up to take advantage of these price differences.
In fact the huge price differences between the major BTC markets today was surprising as I would have thought market makers and high speed traders would have kept those prices much more in line with each other through simple arbitrage. As it was there were times when we saw 50-75 USD price differences between some of these markets.
Ultimately, I care what Monero is worth in USD or general buying power as that is how I have to pay for most necessities of life right now but, in trading discussions we almost have to include BTC price movements in order truly evaluate a trading strategy. Part of my goal is to increase holdings in both BTC and Monero for the purpose of ultimately gaining more buying power in the "real world"... however that may come about.
Edit: Some of these arbitrage opportunities are Triangular in nature and thus may not be quite as simple but most trading systems should allow for that.
