That is definitely the goal but not the reality yet. If you have fiat currency to invest you have to buy bitcoin first to be able to purchase steem from an exchange so the bitcoin price does matter from a psychological perspective and it creates an inverse relationship between the price of steem and bitcoin. Psychology moves the markets. When steem is available on exchanges that can be funded via fiat currencies it will act a little more independent but the yoyo effect with bitcoin and alt coins will still be present.
You are absolutely right. Might be hard for altcoins to be independent of BTC given its wider adaptation and use by far as compared to the others. Furthermore the market is still young.
An increase in steem to $4 within 1 to 3 years, I would consider a great achievement, given the unlimited supply.
Steem is progressing nicely though and in terms of platform growth. I would say, "Its picking up more steem ;-).
That is definitely the goal but not the reality yet. If you have fiat currency to invest you have to buy bitcoin first to be able to purchase steem from an exchange so the bitcoin price does matter from a psychological perspective and it creates an inverse relationship between the price of steem and bitcoin. Psychology moves the markets. When steem is available on exchanges that can be funded via fiat currencies it will act a little more independent but the yoyo effect with bitcoin and alt coins will still be present.
You are absolutely right. Might be hard for altcoins to be independent of BTC given its wider adaptation and use by far as compared to the others. Furthermore the market is still young.
An increase in steem to $4 within 1 to 3 years, I would consider a great achievement, given the unlimited supply.
Steem is progressing nicely though and in terms of platform growth. I would say, "Its picking up more steem ;-).