I mean how can we expect Steem to hit $150 if bitcoin hits the floor?
If Steem was beeing bought it would rise in satoshi when bitcoin floored, this is not related. If all BTC was worth 150 dollar , 1 STEEM = 17,000,000 BTC noting strange(simply technicaly impossible :) )
There are already many currencies avaliable to trade DIRECTLY vs fiat, do you see them staying stronger vs bitcoin? Nope...Unrealted.
Sometimes BTC goes down, while much else goes up, it simply loses dominance in an stabile market.
Sometimes BTC goes up, everything else down in a stabile market, it gains dominance.
When the market goes up or down(the total cap is what i am refering to) btc and all assests move in the same direction, aslong as dominance is stabile.
So all this comes down to is what moves, market cap vs btc dominance, can´t say its related to the pegging to BTC??..
"We all know that Steem and other altcoins tend to follow Bitcoin, BUT NOT ALWAYS"
Dominance changes, other coins seem more attractive, and vice versa when it goes up.
Nice reflections, could still be an issue.