Most people on CT belive only Bitcoin follow stock-to-flow model, but I have a different theory. I do believe #Monero $XMR follows its own model, but at the same time is affected by Bitcoin's price. Thread 1/X.

2/X. I was searching monero's transactions and I realized they were simmilar to it's chart on the BTC pair. When I compared $XMR's TXs as percentage of $BTC's transactions, I found XMRTX/BTCTX is equal to Monero's price on the BTC pair. Let me be clear:

XMR-TX/BTC-TX = XMR/BTC

3/X. But since Monero was released after Bitcoin, it had a huge inflation at the beggining, so I had to normalize for its inflation, so I multiplied by Monero's supply / Bitcoin's supply, and I got:

(XMR-Sup/BTC-Sup)*(XMR-TX/BTC-TX) = XMR/BTC

Again, the charts are equal.

4/X. Now multiply by Bitcoin's price to get an estimation of @monero 's price.

BTCUSD*(XMR-Sup/BTC-Sup)*(XMR-TX/BTC-TX) = XMR/BTC

And pic related is the chart.

5/x. Since Metcalfe's law says the value of a network is proportional to the amount of information that gets exchanged on it, also XMR-TX/BTC-TX = XMR/BTC, it is equal to say that IF MONERO HAD THE SAME TRANSACTIONS AS BITCOIN, IT SHOULD BE WORTH AS MUCH AS BITCOIN.

6/X. It is as if @monero was to some extent BTC itself, and you wont find other coins that has this same pattern. The market evaluated both as THE SAME. This is HUGE because as you guys can see, Monero's transactions just keep increasing parabolically while Bitcoin's TX aren't.

7/X. My interpretation is that more people are being aware that they need privacy, and more transactions will migrate to Monero.

8/X. Since the market belives Monero to be as valuable as BTC and it is a PoW with no premine, I do belive it follows a stock-to-flow model, but at the same time it is influenced by Bitcoin's price at the time.

Updating the thread. So far so good, transaction count rising exponentially.

Updated