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Because Bitcoin has a lot of advantages that the other
cryptocurrencies does not.
Bitcoin is still the most highly supported cryptocurrency
for fiat-crypto exchanges.
Even in exchanges where other cryptocurrencies purchases are supported, Bitcoin is often given preferential placement on the purchase page.
This exchange support should not be underestimated. Even if someone wants to trade exclusively other cryptocurrencies, he will have to go through an intermediary like BTC through coinbase so that they can then exchange it for other cryptocurency.
In addition, Bitcoin has much better brand awareness than other cryptocurrencies. When I tell people I work in other cryptocurrencies space, they usually give me a blank stare.
Once I mention Bitcoin, they understand what I’m talking about. This brand recognition means that when traders want start investing in cryptocurrency, they’re going to have heard of Bitcoin and invest their first.
The price action of steem remains negative..
The range between $1.10 - $1.30..
$070 - $0.90 area is still on the table..
Pic credit : Giphy.com
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