You are viewing a single comment's thread from:
RE: Has anyone else noticed the not so interesting correlation between STEEM and Bitcoin?
I think that is happening with most cryptocurrencies. And it's been like this for years. Most of them just follow the Bitcoin price, unless of course there is some BS garbage news article and they go up for a few hours only to drop again. Here's Bitcoin, Ethereum and Binance Coin today on Coingecko.
Yes, there is that longer term correlation as well. I'm just talking about during these altcoin seasons, there is a rotation and steem tends to be last on that rotation list. By the time steem starts moving, bitcoin gets volatile and the altcoin season ends. It's happened like 4-5 times over the last 6 months. On that note, the price action today in STEEM completely wrecked that trend, which is awesome. BTC getting volatile and STEEM don't care!