Steem Breakout!? Let me explain how small this market still is. Watch this incredible overview of how little cryptos people really own
Good morning, afternoon, evening! After a huge run for alt coins, Steem was lagging a little bit behind. But looking at the chart it was easy to predict a breakout coming. Or rather, a potential breakout.
This breakout test is definitely telling us that Steem is ready to take off. It perfectly tested above and fell right back down behind the resistance. As Bitcoin and other alts are taking a break, Steem is looking very strong. I wouldn't be surprised if we are going to see a huge spike in the next rally. We're up around 12%.
Keep calm right now though. We've had mostly green days for 14 straight days. Bitcoin is overbought and so are most alts. We need a little breather. And also keep in mind that the market is still ILLiquid! It's insane guys. We're in such a small market, that single persons can still control it. Whales are running the show. In that respect charts or even fundamentals doesn't matter much. They are going to do whatever they want at this point. Cryptomarket is still so small that ask almost any "normal" boring person about it and they give you a blank stare. Don't believe the fake surveys done. And even if they were true, it's easy to see how little money is in the average Bitcoin wallet.
Do yo have 1-10 Bitcoin you're in the top 3,6%
Do you have 10-100 Bitcoin you are in the top 0,68%
That puts pretty much someone with $100k worth of cryptos in the top 0,5%. This means you hold 95% more cryptos than other crypto hodlers. Not 95% more than everyone on earth. No, 95% more than other hodlers. With $100k invested in cryptos you own more than 95% of the 0,5-1% that own cryptos.
Even with just 1 Bitcoin or $10k worth of cryptos, you own more than 96% of everyone in cryptos. And more than 99+% of the entire world.
And that simple fact is why you don't quit cryptos. Please..sell, buy, trade, use it to purchase. Great. But always put your FIAT into cryptos again.
Yours sincerely
Baron Von Bitcoin
Wishing for steem to keep pushing through!
Wow! Im shocked at them facts.. and now im not so sad that Ive lost alot of crypto to scam wallets! NICE :)
Thats a really nice read, and a wake up to people who think its "too late" ha.
Still incredible numbers yeah. 1% or less owns crypto, and if you hold 10k USD worth of crypto you hold more than 99,7% of the world population. If this takes off you will be in the top 0,03% . Not bad when its you and not them right? :)
Wow. This will be a real switch and change of the 1%.. Im working selling a street magerzine and I have a spot in between the trainstation and the part of Oslo where all the office blocks are.On my signs I say im accepting Crytos, and I often get the chance to ask buisness people who are obviously very rich here in Norway, if they have any crypto, and not one has said yes!
Damn! Did not know this.
Thanks for the info. Really puts things into perspective.
I wonder how many crypto investors folded during this recent downward trend.
NP!
A lot probably. Massive selling because of taxation. Imagine all those who sold their house to buy BTC at 18k. Most of those have bills to pay. Probably in a lot of trouble now. But as markets mature, stupid hands change money with smarter hands. Some of the people who got burned at 18k..might have learned a lesson and are able to hodle this time around. While smarter money got a hold of the cryptos they sold at 15 or 16k or whatever.
This is dynamic and helps us move forward with gradually smarter and smarter money in the game. Stupid money will always serve a purpose buy buying high and selling low. It sounds stupid right? To buy high and sell low..but thats what the majority does :)
I guess we should be happy because of people like that otherwise it would be a lot more difficult to make money. I like the way you dissect the market man. It makes a lot of sense.
Right now for instance..with BTC falling towards $9000..if you search your feelings, you might feel an impulse or an urge to sell. Some stupid voice in your head is trying to override your sensible arguments that fundamentally cryptos are sound. A lot of people - or most people actually, listen to that voice or impulse. They lose faith in stuff so fast. The reason they do that is because they don't understand the fundamentals. The more you understand of that, the less likely it is you will sell. Someone with real fundamental understanding of cryptos, will NEVER get out of the market completely. He/she will be invested with a very long portfolio.
Agreed. Emotion is a bastard!
I am fortunate enough to have invested money I can afford to lose but I can only imagine what people who sold their house and pushed it into btc at $18k is going through.
One of my friends actually lost $24k in this dip! This game is not for the faint of hart.
Lost from his ATH, or did he buy on top and actually LOSE 24k? I know some dudes, inculding myself who has lost 50-60% of their portfolio, but is still way in the green. But to have actually LOST on cryptos..damn..that must suck.
He actually lost some of his hard earned fiat by pushing in when it was to high. Poor guy but at least he had the money to loose.
I'm with you and totally motivated to see the surge of steem right now after a while in the dark.
Thanks @yasminep! It even seems sustainable. I think once the markets turn green(er) again, Steem will jump above $4. I think between 5-10 is where it should be considering its one of the best blockchains, and actually a fully functional blockchain with users :)
So its a good guess that the inventor of bitcoin is actually 4 people or under 4 people as there are those 4 wallets with the most btc in them
Thanks for reminding us we're so early. @baronvonbitcoin; I explained it in another way some days back, but yours is a welcome fresh perspective on the reasons why we all need to HODL our coins :-)
ps: great handle btw ;-)
oh.. and Resteemed!
Thank you so much for your resteem!
Here is an alternative take - https://steemit.com/crypto/@heyitskolin/steem-vs-btc-steem-running-out-of-steam
I count myself lucky to have the amount I have and am grateful for the extra income I've been getting from Steem.
I'm not convinced about the STEEM charts: what you say is right, but ALL the coins look like that right now, even BTC itself.
The % part is interesting though. Yes, there are still so few people in crypto! I see those "blank stares" several times a day. Hodl. And keep hodling!
As usual great analysis by u my friend👍 I agree with 99.999% of what u usually breakdown. Keep it up!
Thanks buddy! :)
The whole crypto is still in a limits of a single strong company. I trully believe that there is the potential to grow x10 - easily.
And I see that this is still very young because most of the people are simply scared of crypto as they were scared of cell phones. Yes, 20 years ago, people were freaking out that that new thing will kill beez, cause cancer, cook your brain...
Indeed. 10x is short term IMO. 2019..