you can translate relative value between liquid markets
what pairs those markets trade in is irrelevant
most xmr and btc is traded against usd
there is still an exchange rate between the two that is irrelevant of usd
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not really. any deviation between the relative Fiat value is an arbitrage opportunity.
if there IS any deviation immediately a million trades jump in and drive it back to the relative Fiat valuation of the pair.
why? because the UOA is the most attractive asset. free fiat.
minus the friction involved of course. which is why you see temporary variation in difficult to access exchanges/pairs.
How is the exchange rate between gold and btc made without usd?