Another day, another hurdle.... Steem holding firm
Another day, another hurdle as Steem bulls tries to gain the upper hand
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Steem continues to experience significant selling pressure as the broader altcoin market sees significant spikes and gains in the last couple weeks. The selling pressure virus has now migrated from Bittrex and now Binance is seeing some significant selling pressure as well, after all, wallets are now open
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There is a lot of speculation as some large account holders have been sending Steem tokens to exchanges and many Steemians are wondering whats taking place. The talk of the upcoming Smart Media Tokens (SMT) and how much development the platform has gone through over the last couple weeks hasn't lifted prices, in fact, there seems to be a race to the exit as every spike in price are greeted with sellers. It seems like the buzz of what coming isn't convincing those who are focus on liquidating at every rise.
I am a little confuse, if the future of this platform is so great, who are the folks liquidating significant stakes of Steem at these prices
The Steem bears are strong, when comparing Steem to other altcoins, it experience healthy volume from time to time. What most people don't understand some of these altcoins that have intra-day spike of 60 to 70% or weekly gains of 90% it takes as little as 5 BTC in some cases to see those moves as sellers of these tokens aren't hitting the exit as they see a rise in prices. With Steem things are different, even with 20 BTC volume on Bittrex, it does not do much in terms of price appreciation as sellers are willing to take the price as they come.
I am hopeful that things work out for this platform, bears can last for so long but given the nature of how things are set up here and how I have seen things happening, my expectation aren't great. The sentiment that circulates now, is the platform is set up for a few where a select few cashes in on the labor of the plenty. Nonetheless, there has been some positive developments with Netcoins listing but haven't translated or probably it did, as I said above it takes a lot to move Steem.
There isn't much to grab onto here, probably a Coinbase listing but depending on what you enjoy there are some amazing communities on the platform supporting various causes. Steem greatest asset is its community and the causes that they stand for. From child support to writer's block, there is a community within the platform for everyone. Its a tough place to make a living, but a good place to meet some awesome people. What other social media site on the internet gives you an opportunity to earn a little, the answer is none. I am hopeful things work out, but Steem needs to get more organize, take it from ideas to competing with the giants in the space. Despite the ugly Steem chart, Steem is holding firm...
Well described.
One one hand is it a quite negative sign, that every attempt to breakout is immediately met by strong sell pressure. But on the other hand, that means that also quite a lot of fresh money went into the game, as much as some whales exited. It also means that those mysterious sellers are patient and don´t drag the Steem price further down. So whatever their plan, they can wait and do not do panic sells.
Overall not too bad, given the SMT arrival is just a few months away!
Steem needs to breakout before SMT and maintain a higher support, as the bloggers themselves here aren't the ones selling.... Everyone has their eyes on it, so it could be cause a breakdown as everyone waiting for the event that should have lifted the prices higher... Steem has the monetary tools to lift its support base but those decisions are held by a few, I gave my input a long time ago on how to lift the tide around here
One possibility is some of the larger accounts wanting to move money into bitcoin because that’s where the institutional money is gonna hit forst with fidelity and bakkt coming soon.
Also, historically a big sell off occurs right before a bull run. Considering the timing, November being where most pumps happened in the past, this could be the case
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I like this theory, could be true, the game theory with Steem though is different than Bitcoin... With Bitcoin everyone selling but looking to get back in, so you have millions of dollars on the sideline waiting to see how the tide goes, with Steem its different, its a continuous flow of money out, I know of one large stakeholder who delegated steem power and earns from bots, most of the money is flowing into other crypto as he is diversifying into other alts, he used to trade SBD but now focus on alts with greater return so the enthusiasm isn't there to even trade either
dang thats wild! I feel like that sentiment is the same across the whole space though. Even though money isn't coming back in, it will come once another bull run starts.
People will want to buy crypto and will run out of fiat. What's the best way to solve that problem? probably get a second job, or work on money management lol. But for all of us who are normal, we look for solutions to earn money and Steem has proven to be a good move!
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