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RE: As Bitcoin price goes up, Steem is sold down...
According to the charts Steem offers a long term negative ROI. This has to be fixed and if the development team can't figure that out then they'll just have less and less income to work with for this project.
People who do care about this project and ecosystem know this has to change. Steem must offer at minimum a positive ROI in USD and ideally a positive ROI in BTC as well. It offers neither at this moment which is why it's falling down the ranking.
Even taking into discounting 2016, STEEM has been losing against BTC in the long term when it comes to token price. But what about market cap?
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The market cap isn't at all time high or growing either. Look at Steem ROI.
Very few chains have market caps anywhere near ATHs right now. (I've answered your point wrt Steem ROI elsewhere).
What I'm saying is that because of the larger inflation rate, especially in 2016 when it was 100% annually, market cap is a better metric than coin price.