I like this metric better than simply looking at Steem's price in terms of Satoshis because this comparison also accounts for the creation and burning of coins on the two blockchains.
If you divide the BTC market capitalization by the STEEM market capitalization using data from coinmarketcap, the previous all time high was 1709.03 on April 18, 2016 - which is the very first day for which coinmarketcap has a closing price for Steem. The new all time high was set at 1748.48 two days ago, on June 26, 2019. Yesterday's close was slightly down from both at 1701.44.
Incidentally, the mean value for the ratio is 434.6, and the median value is 399.3.
What's it mean? I'm not a trader, so I have no idea... probably nothing. But I think it's interesting to note. By eye-balling the graph, I'd estimate that Steem has spent less than 10% of its history with this ratio above 1,000.
