STEEM BLOODBATH: LET'S SEE THE BIGGER PICTURE
STEEM holding to survive another day!
Source: www.coinmarketcap.com
- June 07, 2017
STEEM were trading over $ 2.60, more than 30M trading volume and a market cap of
$ 611, 817,000
Just a couple months ago but it feels like FOREVER AGO!
STEEM struggling since. After growing almost 300% in just a couple of weeks, not only the correction came but the HARD FORK 19 came. This fork changed the reward expectations and along with it the uncertainty and a crypto market generalized selloff.
The selloff were stopped into the Long Term MA (200EMA) signaling a long term trend. There was a fight in those levels for several days, but then again, the news shocked everyone with the date of an imminent fork for BTC.
The frenzy started, a massive selloff of altcoins and everyone trying to get a ticket for Bitcoin Cash. STEEM lost the support and with the acceptance of both chains BTC and BCH, the strenght of BTC left a lot of altcoins in the shadow, STEEM being no exception, there you have a reason for this market trading with 30x less volume... At that point we officially entered a BEAR MARKET
BTC getting new highs every day and STEEM fighting to survive the day! Today's losses stopped in a resistance from exactly 4 months ago acting now as a support at 0.00024 BTC.
Something to point out...
The bleeding is not just for STEEM, the whole family is feeling the pain lately. EOS and BITSHARES also struggling hard these days, if they're not flat they're down! I wonder what's on Dan's mind right now...
Someone might ask what is the correlation between a Blockchain Operating System, a Decentralized Exchange and a Social Network. Well besides the teams behind, they all share the same principles in terms of consensus, verification and transactions. No fees, PoS, you know what i'm talking about.
Why not to panic.
Everyone can tell that STEEM is one of the cryptos with more usage of all. And the real time experience we're all having here are the clear example that those principles promoted by not just Steemit, but also EOS and BTS, could eventually work, sometimes Dan Larimer sounds very idealistic, but all those principles can really help to accomplish a more efficient future for this market.
I pointed out the usage of STEEM because it is one of the most important features a cryptocoin must have. A massive usage of a coin guarantees its liquidity. That usage can only get highet according to more and more people joining the network.
So take this time to POWER UP! YOU, you that are already here! Take advantage and invest mid to long term here. Of course not money you're not willing to lose. But I believe in this project for real.
You want to see something good into the bad? Well with the STEEM price SO low, you get MORE SP per post! So if you're willing to hold you're tokens for a couple months, all those posts rewards could double and even triple if the STEEM price get into the bullish zone again.
BE WATER MY FRIEND!
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I find it funny and frustrating that the two blockchains with the most tx/ops per day - way more than BTC and ETH combined - are in the dumps while dozens of shitcoins with no product and users are getting pumped to the billions. Go China Go!
Absolutely right, that's why this is time to power up! We the authors should be everything but worried!
That amount of SUCCESSFUL tx per day with NO FEES, come on you have to be blind if you're not seeing something BIG behind that.
Thanks for the feedback and STEEM ON!
Upvoted and Resteemed by xx-votesplus, the dropAhead curation team!
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@erodriguezc11, it's so true... I only know that I love participating in Steemit and I'm in love with the community.
I had a tiny social media footprint prior to Steemit... In fact my first tweet in 9 years as a registered Twitter account holder, was "It's official! I'm with Steemit, where my contribution count$!"
People are inspired, friendships are forged, and income is earned every day in Steem. Steem is going mainstream. 🤣
By the power vested in all that is good and decent, I call upon you, oh mighty @originalworks bot to bless this wonderful post with your presence!
Thank you very much! Wish you only the best here and everywhere. STEEM ON! @karencarrens
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Two months is like eternity in crypto. One month ago, BTC hit a low point of $1900, with everyone worrying about forking troubles. Nobody even remembers it today.
Such a wise and profound statement!
Is it possible that Bitshares and EOS are affecting Steem negatively ?
That is why the development of Steemit has a crucial effect on Steem's price. If the DevTeam were able to improve the system such that it can accommodate a huge number of users, the demand for Steem would increase, and hence its value.
Another important factor is marketing. Many alt coins with lower real value are getting much more publicity. That's why marketing campains like the one @jerrybanfield is trying to promote is so important. You can find more about it here: Advertise Steem to 10+ Million Users . @timcliff also held some great campains.
I beleive such efforts should be supported by steemit inc. and the community.
right on brother respect
Thank you bro STEEM ON!
Totally agree with you on this! Also to point out, that the exchanges like poloniex and bittrex has "wallet" issues during this time.
Power up my friend, or you'll miss out 🙌🏼
Thank you very much sir! STEEM ON!
This post has received a 3.22 % upvote from @booster thanks to: @erodriguezc11.
I like your thoughts on what happened to steem and other alt coins, it's good to hear other people feel this is a good time to power up some more.
Totally! Steem on my friend!
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