Do not worry too much. The normal way things go are that all altcoins go down when Bitcoin goes up because people are selling altcoins for Bitcoin. Then when Bitcoin tops out and starts going down a bit.. this is because people are selling their Bitcoins at highest price and taking profits. Usually what happens next is that when Bitcoin goes down, altcoins go up again, because these profits from Bitcoin will be reinvested in the altcoins. If Bitcoin goes up 10%, I expect altcoins to go up 20% in the days coming after (assuming you have good altcoins).
Don't go switching altcoins for Bitcoin now... If you wanted to do this you should have done so yesterday or the day before. Right now it's better to stick with your altcoin such as STEEM and wait for the profits to flow from BTC into alts, and enjoy the ride.
TBH I don't know if Steem will benefit as much as other altcoins. I feel like the STEEM price has not been benefitting all that much lately from price increases. I suspect this has to do with an increasing number of people who are losing faith, because Steemit has big problems with bot-voting and financial-voting (as opposed to qualitycontent-voting).
Well, I do not really get this since I am new to crypto, but it seems like all the currencies should rise with bitcoin. I'm concerned why steem is bucking the trend.
And this:
"increasing number of people who are losing faith, because Steemit has big problems with bot-voting and financial-voting (as opposed to qualitycontent-voting)."
I totally agree with you. btw - finally went into steemchat to promote my posts in there for the first time and now have 2 guys begging for upvotes!
Just a little frustrated - I should go to sleep now :) I have no money to invest or sell - I am here to promote my content.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's easy.. When you are on an exchange and have money in STEEM and it is currently not going up, but Bitcoin IS, then what do you do perhaps? Well, sell some STEEM and get some Bitcoin, make 5% profit and then buy back into STEEM and have 5% more STEEM than what you begin with.
This process takes a little while and is currently ongoing. Pretty much all crypto's are declining at this moment because of it. Once Bitcoin starts to dip bigly, I feel like this could happen any moment now, you will see altcoins rising a day after or so (give people a while for them to figure out where to best invest their newly earned profits).
In any case, if you sell STEEM now to buy into Bitcoin I think you will end up a loser. For the moment, I'd suggest to just HODL! Or switch to another altcoin if you believe that has a better chance of gaining than STEEM.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Well, I have nothing to sell or buy lol. But if all the "little" currencies are acting the same like steem - then I feel better. If steem is going down and the others go up - then I worry.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You can track the current price swings of the top 100 currencies on this site: https://coinmarketcap.com/
As you can see most crypto's are currently reporting negative percentages except a handful of them.
Though, admittedly, the whole market has been on the upswing lately - except for a few former superstars, amongst which Steem is one. I think it's going to require some significant news, or perhaps Steemit coming out of Beta, in order for the price to significantly rise. Excitement seems to have moved on to other projects, there needs to be a reason for it to move back to Steem.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
For me - the excitement was the Alexa ranking so I can get my message out to more people. I will just keep posting and doing my best :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit