Not only is it dropping because bitcoin is, but it's also dropping is satoshi value at the same time. It is now rank 80 on CMC. This is good for those that want to buy at the low but the question is, how much lower can it get. Will SMT's be enough to carry it forward?
I am personally optomistic because steem has so much potential currently with it's DAPPs and it's future with steem-engine and keychain hopefully bringing it to the masses.