WHY BTC IS KING?
everything is pegged to BTC.
so, while everyone is happy that altcoins are going up in value, in fact, it is BTC which is pushing the price of everything up. otherwise, when measuring in satoshis, not much gains have been made: it's just a speculator's, perhaps, a gambler's, market.
if BTC crashes, so too will the prices of altcoins.
altcoins have created an exhaust for BTC, which is where the value for cryptocurrency comes in. altcoins have created more BTC, so to speak. so, if one were to think about it, there will be way more than 21,000,000 BTC. the fact that everything that comes into the cryptocurrency market is via BTC, which means that BTC is immortal. moreover, with the aid of altcoins, and with the looming financial crisis, BTC will be a haven because of altcoins.
so, the inherent value of BTC and altcoins depend on each other.
the cryptocurrency market is at just over 86 billion dollars, as we speak, with BTC holding just below 50% of that market cap in USD, which means that with the support of altcoins, more and more money is being siphoned off into cryptocurrency by means of altcoins. but, trust is being built into the cryptocurrency market because of BTC. so, the real winner for us all is BTC.
WHAT'S UP WITH STEEM?
a couple of the reasons why STEEM is down and not jumping like others, i think, is because people want to probably bank on the high BTC prices and cash out into fiat, and buy some chewing gum. also, probably, because STEEM has real users, who care more about blogging and making their money like that instead of trading on the marketss.
my $0.02.