97.86% Drop From All Time High - Will STEEM Price Hit Previous ATH?

The cryptocurrency market is an incredibly volatile rollercoaster; it can start pumping and dumping at any time. The cryptocurrency market has seen a significant drop in price; bitcoin is struggling to reach the $35k price level, and given how aggressively the US government is going after cryptocurrencies, it's likely that it may fall as low as $20k. You must have noticed that bad headlines spreads more quickly than positive ones. The crypto market was quick to dump and display strong market sell emotion when the SEC sued Binance and Coinbase, but it failed to pump with the same vigor when the court denied the SEC's request to freeze Binance accounts.

Even though there have been less accusations from the government and regulatory bodies, the market is remains calm and pessimistic.

It's interesting to note that despite the market being in extreme red since, holdings are still rising. Why is this? Although there is a lot of evident market shorting, holding addresses are still growing. However, if the SEC or the government were to release any unfavorable information regarding crypto firms, you would be able to see the market crash and turn everything red. This is because this is their time, and the shorters are always delighted to be active. It's amusing how market makers that trade seasonally shorten positions today and decided to open long positions for the future because they are aware that it will definitely go up.

Right now, the cryptocurrency market is quite undervalued because many alt coins have lost over 80% of their value from their all-time highs. Another excellent time to buy cryptocurrency is right now.

When compared to its $8.57 all time high, the price of STEEM has plummeted to about $0.1833, and ethereum is currently trading at $1.8k, up from its $4.8k ATH. Bitcoin's price has dropped to $29.4K from its previous high of $69K. Numerous cryptocurrency exchanges have gone out of business, gone bankrupt, or sold their assets. However, before we start seeing the bull pump that we have all been waiting for, brace yourself for there may be some additional downfall.