Coinmarketcap Algorithm Affects Entire Crypto Market
Not only is coinmarketcap the most popular crypto website at the moment, it's also one of the most popular finance websites! So it's no surprise that a change to their price algorithm has had a huge impact on the entire market. A few hours ago, they stopped including korean exchanges into their pricing algorithm because they felt they were outliers driving up the price. By removing the higher priced exchanges, the prices for pretty much all cryptocurrencies saw a 10% haircut.
Large number of people did not recognize what actually happened and that there were not moves/selling on their western exchanges. Those same people are now dumping large amount of coins trying to "cut loses" because of the false impression that coin is crashing. Crazy times in the crypto world!
I think the graphic you posted is very outdated, I mean Steem was at that price months ago.
Yep it's just a generic graphic. I figured anything I posted would be outdated in minutes anyway.