A correction often occurs after a sharp rise indeed. I guess my problem with STEEM is that I'm more emotionally involved than with any other coin so it 'hurts a little more' :). And you are right BTC is still king. I do hope you are wrong about STEEM of course but I can't fault it. Markets are markets .Who knows? I do believe STEEM in the long term will go up. Your last argument is the one I share with you. We know it can be done. Let's see!
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My favourite thing during these price declines is seeing who immediately abandon the platform and leave.
And then return in time for the next pump. :)