Warning: Steem witnesses executed a hard fork on 2020-05-20, seizing 23.6M STEEM from 65 accounts. The funds were transferred to an account named @community321, the ownership (and intentions) of which have not been revealed. The witnesses claim to have been targeting accounts which defended against a hostile takeover in early March, but at least 2 accounts on the list have been inactive for over 4 years.
Why Bitcoin Matters For The Rest Of The Crypto Market
Hopefully soon we can reach the 20k mark or at least get passed the 15k and start to bring more attention to cryptocurrency. Until we break that ATH there will still be a lot of doubt that bitcoin was just a bubble and it can really bring in a lot attention to the market place if we can start to climb passed that number. This isn't investment advice and please, since crypto is very high risk, only invest with money you can afford to lose. Bitcoin price matters as it is the coin that people outside of crypto talk about and it is the coin that will bring in people who have no idea what crypto is or how they can use it everyday.
### Bitcoin Goes Up The Rest Of The Market Follows
You probably have seen it if you watch the market can all. It is not always the case and there are a lot of coins that do not rise as the market can be very random at times but for the most part Bitcoin goes up first and than alts go up later. This is how it has been for years and with some exceptions like Binance coin BItcoin is still the flagship that signals a rise for the rest of the market. This means we need to see an increase in bitcoin and then maybe we can start to see crazy gains in other coins like steem.
### Small Caps Move Fast
When small cap coins do move they move really fast. This is true in both directions as a small cap coin can 5x in no time or crash and leave you penniless in the matter of seconds. There is a lot of risk in the market. When money flows into or out f a small cap coin you can really see moves. Even Bitcoin when compared to the entire market of gold is still small and that is why you see such volatility in the price. This is even more true for coins like steem which can really move fast. It feels like we have been stagnate for awhile but when it is time to move you will be surprised how fast it happens.
In order for a lot of alts to see ATHs or at least get back to a respectful level we might need to wait for Bitcoin to break the 20k mark or at least get close to it before this is too happen. This has been the case for literally my life in the crypto world and I do not see it changing anytime soon.