How Much STEEM Gained And Lost From The Last All Time Low
It's so easy to get caught in the daily drama surrounding the crypto space and lose sight of the big picture. Depending on the trends you get either FUD or FOMO, and the emotional swing is so powerful that your expectations are going nuts. If it's bullish, you get so much FOMO and start planning your next year vacation at $40 / STEEM. If it's bearish, you get so much FUD, that you start thinking about selling your STEEM before it reaches 1 cent per token.
Either way, our responses are highly irrational. As a short intermezzo, we are highly irrational in pretty much everything we do, it's just that crypto makes it way more obvious than in other areas (partly because it's very new, as a phenomenon, and partly because it tickles the "instant gratification" part of our psyche).
So, every time the markets are swinging close to a previously low or high, I turn back to data. Today I'm going to talk about how much STEEM changed from the last year ATL (All Time Low). I'm choosing this metric - and not an ATH (All Time High) - because we're still struggling with the last stages of a bear market, and STEEM seems to be touching its bottom. But is it really touching the bottom?
Let's see.
According to Coinmarketcap, STEEM ATL in 2017 was on March 13th. That day it was trading for exactly 6,000 satoshis and a meager $0.07. Exactly, 7 cents.
In that same day, Bitcoin was trading for $1,219 USD.
So, let's recap:
13 Mar 2017 Year ATL
- STEEM | 6,000 satoshis | 0.07 USD
- Bitcoin | 1,219 USD
Today, STEEM is trading at 11,031 satoshis and 0.71 USD.
And Bitcoin is 6,503 USD.
Let's recap this one too.
15 Sept 2018, Current Level
- STEEM | 11,031 satoshis | 0.71 USD
- Bitcoin | 6,503 USD
So, how did STEEM evolved from last year ATL until today? Well, taking into account Bitcoin evolution too, here are my numbers
STEEM appreciated 83.85% in Bitcoin 914%% in USD
Bitcoin appreciated 433% in USD
In other words, we're still almost double in Bitcoin and almost 10x more in fiat!
To put this in perspective, if you bought 1000 STEEM on March 13th 2017, you will still be very much profitable in Bitcoin (almost doubled your investment) and almost 10x profitable in USD.
1000 STEEM in March 2017 would have been $70, whereas 1000 STEEM today is $710.
Pause for a while and think at this.
Ok, now let's get back.
Next time you see the price of an asset bottoming, take a step back and look for the last ATL. How is the asset performing compared with that value? How long ago that ATL happened? How is the main trading pair (in this case, Bitcoin) doing? All these should give you answers way more valuable than what you can get on the media.
Of course, we should do the same exercise when we hit an ATH, but for that we just need a little more patience.
Steem on!
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
STEEM price will go up with the rest of the market , i'm sure the price will be ~$5 in 2 years time
According to the numbers above, STEEM could be at $7 in one and a half year, and that would be the bottom, or the value after correction, on a bear market.
I so hope you are right
A very good way of looking at the world ;-)
It's often all too easy to get caught up in thinking how bad things are now, without truly remembering how bad things were before.
Crypto is not a short term investment really. Just like everything else it will take time to get really good dividends.
It's got 15 more years to sort itself out and then I'll need it to be paying off big for my retirement hehe.
15 years is a bit too much, I reckon, but in 5 years things will be way more stable than are now. And a crypto-powered retirement does sound good indeed :)
Amazing post! We need such posts to cheer us up when we're down. Although personally I'm confident that the bright things are in front of us (soon) :)
It's a good exercise to take a look back and compare but only those with steem back then and holding will be happy to see the comparison. The ones which bought close to ATH may be a little desperate. It is good to just forget a little bit about the daily moving, even the monthly, and focus on the long term. All crypto assets are in its infancy and market cap has still a lot of potential to grow, according to Tim Draper it will be $80Trilion in 15 years
there will always be somebody buying at ATH. That's the beauty of this thing...
I did almost the same analysis today but put it slightly differently..
https://steemit.com/teamaustralia/@itstime/short-post-perspective
resteemed !!
This is the best analysis I saw in last two years. U have shown the way to hold the steem.
I think another important point everybody need to look at is evolution of market cap.
Same analysis if repeated with market cap then results will be even more impressive for steem.
This is great perspective for those of us that were around for those moments in time. O absolutely agree that this is positive from a relative perspective as bitcoin has also had its fluctuations. This could also signal that there is still value in STEEM because whereas it was at the top 20, it is now around 35-40 which could be consider undervalued given the development that has taken place on the blockchain relative to other projects.
I think now is a great time to buy some steem
couldn't agree more.
Steem gonna touch 5 dollar nest year and it will dominate the crypto market in coming future
i think , at present steem is one of the most dependable coin in coin market,. you can fully depend on it