RE: So far it looks like a healthy correction, but don't get overly excited
As some major pundits in the crypto space have put it, Alt-coins, including Steem, are tied too closely to the performance Bitcoin. Steem needs to decouple this market dependency from Bitcoin. Once Smart media Tokens come into full effect and Steemit launches a full-blown marketing campaign, logic would seem to dictate that people will see an attractive opportunity and begin to drive greater demand in Steem. Perhaps this will provide the Steem price a greater amount of insulation during bear markets. I think that it would be a very healthy outcome when Steem can show sustained robust performance regardless of the demand for Bitcoin. And at some point most people will begin to realize that Bitcoin is more of a speculative vehicle and store of value and that Steem has the technology and transaction capacity that allows it to function as a real cryptocurrency.
As you said, people need to remain aware of what's going on. Good information, thanks for the post.
Thanks for input. Yeah, In a way thats true. But remember in the traditional markets whole sectors usually fall even if some industries do very well within that sector (IT, Pharma etc) The fall of some often drag others down with them.The important thing is more which individual company/coin wins long term. We'll see soon enough that for instance STEEM will gain more when markets go up, and fall less when markets go down.
Do keep in mind that since for example november 15th the total crypto market has doubled from 215 billion to now 445 billion, whereas STEEM has gone up more than 4 times. It's not that long ago STEEM was at $0,95...that's november. STEEM will absolutely explode in value when the markets turn bullish again. I'm wondering if it might go another 3-4x when the total mcap doubles to 900. $12-14 STEEM in April. Very likely IMO.
Well reasoned arguments, and I concur.