How - And To What Extent - The Bitcoin Correction Affected STEEM?
At the current moment, almost all alts are trading through Bitcoin. Very few of them have direct gateways to fiat, so they're initially sold for Bitcoin, then Bitcoin gets sold for fiat. STEEM is no different, you need to go through this process if you want fiat for it.
For this reason, every Bitcoin price variation has an impact on STEEM. Today's drop made no difference. But since I was curious to see the extent of this impact, I made a few calculations.
Bitcoin traded at a max of $19,991 a few days ago and it sits now at $13,350, a 66% devaluation.
In fiat, STEEM dropped from $4.14, a few days ago, to $2.81, at the moment of writing. That's a 33% devaluation.
But in Bitcoin, STEEM traded at a max of 24,806 satoshis, and now sits at 20,604 satoshis, which means a 17% devaluation.
In my opinion, this shows a very loose coupling STEEM - Bitcoin, meaning STEEM is way more independent from Bitcoin than its price in fiat may show.
Of course, everything is continuously changing and these numbers are applying only to the current moment. Tomorrow Bitcoin may plunge or skyrocket again, who knows?
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