Cryptocurrency, the correlation with oil is becoming clearer

Cryptocurrencies, the correlation with oil is increasingly clear: this is what is happening between virtual currencies and crude oil.

Criptovalute e Petroleum are two assets destined to drag on in a strong correlation also in the near future? According to some analysts, the answer is positive, given that the former consume a large amount of energy (we have talked about it several times in the last few weeks) and therefore oil and other energy products could be increasingly in demand as the development of virtual currencies will become more massive and consolidated.

Even if for the moment the correlation is not so evident that it can raise the cryptocurrency a fundamental determinant able to tow the crude oil price, if in the near future things were to materialize in a more convinced way the scenario for the barrel could get a little more complicated.

Until now, in fact, the main ones OPEC producers / not OPEC have been committed to reviving the depressed fortunes of the price of crude oil (succeeding) with production cuts aimed at making the prices of the barrel at least equal to 50/60 dollars. With this aim, at the end of last November all the cartel-producing countries (and some "guests", such as Russia) signed an agreement to be able to prolong the cuts in output in 2018, in the hope that this could serve to to support barrel prices, in the face of the excess supply which is continuing also due to the estimated growth of American shale oil.

But what will happen in the coming years if cryptocurrencies contribute to upward pressure on oil? Will the problem OPEC face upside down?

For the moment, it is premature to predict it. What seems certain, however, is that cryptocurrencies are still a difficult phenomenon to analyze as a whole, and that the coming months could reveal more than a few surprises ...