You are viewing a single comment's thread from:

RE: Will Steem Go Back Up?

in #steem • 5 years ago

Hey TJ..

Steem and other crypto are mostly traded against bitcoin (as opposed to usd pair)..since most fiat-crypto ramps take BTC as primary path...

So when BTC goes down..everything goes down (in usd value)..we are still in bear market...you should be concerned if BTC breaks out bullish but STEEM doesnt.

TLDR: everything is determined by Bitcoin price which is still not bullish.

5 years ago in #steem by
$0.00
    2 votes
    Reply 2
    Sort:  
  • Trending
    • [-]
     5 years ago  

    Not a crypto expert but this is the explanation that has made the most sense to me..

    $0.00
      Reply
      [-]
       5 years ago  

      I agree with this, Bitcoin is the backbone to most alt coins today. Nothing really happens without either btc, ltc or eth right now.