Steem Price Drops
The price of Steem drops on Bittrex to a price of $1.5845 USD. Whether You are a fundamental or technical analyst this I do know: Steem is falling!
Don't get Me wrong. I'm all for Steemit and Steem. I truly want this social site and the cryptocurrency to abundantly succeed. Steemit is an innovative platform and beneficial to each of Us here and all those to come.
So, what's the remedy? Everybody quit Powering Down? Limit the quantity of Steem which is coming off the Blockchain? I am no economist or crypto-guru.
I do know that Supply and Demand controls what's happening and that there are things going on behind the "Curtain of Oz". Things You and I do not see. I am not insinuating or endorsing any wrong doing. Or criminal activity. What I am saying is the Powers That Be will always be in control no matter and it boils down to having economic power. This is true in the world around You and in the crypto world.
The cure for price drop is a price drop. I want a good buy-in. Ownership will end up more diverse.
It's time not to panic and give up...it's time to rather hold it and it will pick up...it's good time to add.
The price drop is likely temporary; A huge influx of users will probably stabilize the price and benefit us all with more thinkers and adoption for alternative sites other than Steemit. I think the value of Steem will increase against the USD as adoption continues, probably just an anomaly.
It'll bounce, the site is still growing
Looks like a standard market correction. Steemit opens showing what the Steem blockchain is capable of, excitement grows, price goes up, around June we see a market correction.
People begin to talk about steemit, news spreads, press releases, people hop on the STEEM band wagon, price moons in July , investors sell high, another slight market correction, some consolidation, price adjusts up or down. I'm going to shoot from the hip, but due to its meteoric rise, I'm guessing it will fall more, begin to consolidate again, and then depending on STEEM and Steemit development the price will continue to rise or fall accordingly. Here's a chart from coinmarketcap showing it from STEEM start to today.
You can see the market cap in blue increase with excitement as word gets out about steemit. The price in gold rises with the market cap, and excitement.
The dust is simply settling , a bottom will form, and which direction it goes will be mostly up to developer innovation and community support keeping the excitement growing, and whether people mass dump their steem or hodl! I'm interested to see if people believe in the platform enough to hodl their STEEM and not cash out. At least that's The Dood's two satoshi :)