There are many assumptions about the Bitcoin markets that are simply no longer the case. The most blatant is that the most liquid XBT markets or the "major" markets are XBT/USD pairs. This is simply no longer the case
Ethereum accounted for over 50% of Bitcoin trading, over the last 24 hours, with by far the largest Bitcoin market being the ETH/XBT pair on Poloniex.
By comparison XBT/USD accounted for around 17%. during the same period. One can see this by comparing
https://coinmarketcap.com/currencies/bitcoin/?markets=all#markets with
https://coinmarketcap.com/currencies/bitcoin/?markets=main#markets. Note I have excluded the exchanges that have no trading fees mostly in China due to the high probability of fake trades; however they may be some legitimate trading going on there.
XMR/XBT on Poloniex accounts for 1.8% of Bitcoin trades followed by DASH/XBT and MAID/XBT on Poloniex at just under 1% each. To put this into perspective XMR/XBT on Poloniex is comparable to XBT/USD on Coinbase at 1.9% and was actually ahead earlier today.
What we are witnessing is a shift of Bitcoin trading away from fiat to alt-coins, with by far the preferred choice being Ethereum followed by Monero and Dash. We have also witnessed Poloniex becoming the largest Bitcoin exchange by volume. We are also seeing a lot of the value in Bitcoin moving towards the alts rather than fiat. One possible outcome here is that a shift from Bitcoin to another alt-coin will not necessarily imply a lost in trust in Crypto currency as a whole.
So what do I see is the impact on Monero. First the fundamentals have not changed over the last few days. Secondly Monero is starting to be traded as a hedge against Bitcoin's problems. Over the short term this will lead to extreme volatility as we have seen lately; however over the long term this can be very bullish simply because of Monero's minuscule market capitalization when compared to Bitcoin. One significant factor here is that there are ample supplies of XMR available at a price. This will fuel both liquidity (good) and volatility (bad) over the short term. Also if Ethereum stumbles it is quite possible for a major upside move in Monero with possibility Dash and Maidsafe coming along for the ride.