Hopefully everyone is having a great weekend. Even-though the market is doing not so well right now. But their's hope. Because even when we are deep in the red digits. Steem still manages to outperform BTC.
What going on?
After the bloodbath in the crypto world of earlier this week. Steem is currently trading around the $5 mark. Those red numbers might not be worth cheering for. But what's interesting to see is that Steem is growing in value compared to BTC.
This would imply that the valuation of Steem is not (completely) tied to the value of BTC. Even when BTC goes through a hard time. Steem manages to hold it's position and isn't being dragged down with it.
So if this trend continues, then we don't have to worry so much about Bitcoins influence on Steem. Next down BTC goes down again. It will most likely not make the Steem market crash.
Something else
Another interesting thing I noticed when watching the crypto prices. Is that the Top 10 of crypto currencies. Almost follow the same patern. Here, have a look:
in 2018 i expect that more and more altcoins will break free of the bitcoin price, specially with the high fees and network troubles for small or first time investors, bitcoin might be more and more unattractive.
Ups. That was three month ago. But still valid and things I noticed as well.
Personally cryptocurrencies without functionality beyond mere money transfer will eventually disappear. Steem is well paced here as it has tons of extra function. If it wasn't for the linear connection between steem power and VEST.