Down the Rabbit Hole....Exactly a Year Ago, STEEM Began the Historical Price Slump
Image credit: @majes.tytyty
By now, many of my readers know that I have a penchant for monitoring the price of Steem and following some of the developments on the Steem blockchain.
A few hours ago, I was perusing the price of Steem over a period of one year when my eyes fell on something quite worthy of note. I realized that 11th November 2018, which is exactly a year ago, marks a significant moment in the recent history of Steem.
At a price of $0.74, STEEM was sitting comfortably on what seemed like a solid foundation before it started a sharp decline that caught many persons unawares. From a peak of $0.74 on 11th November 2018, which is the highest that has been seen in over a year, STEEM has lost over 80% of its value to this day.
However, it is pertinent to mention that STEEM was not the only crypto that sharply lost its value about this time last year. In short, the whole crypto market was terribly affected. There was blood on the streets, to put it more graphically. Even Bitcoin fell by over 50% in the few days that followed.
At the time, accusing fingers were pointing at Craig Wright, the self-acclaimed Satoshi Nakamoto, who was at the time hardforking Bitcoin Cash even though many stakeholders did not support his BSV agenda. Craig issued some threats and indeed the whole market felt the impact.
Source, An historical chart showing the price of Steem over the last one year.
Well, the rest is now history. Bitcoin and a few other cryptos such as BNB and EOS have recovered from the crash, but STEEM appears to be struggling to remain in the top 90 position on the CoinMarketCap.
When I consider the progress STEEM is making with innovations, I keep wondering why the price is going on the opposition direction. But then, I believe that the only thing that can save STEEM now is the release of SMTs or if Bitcoin sets a new all-time high. The latter will likely kick start an insane altseason.
Regardless of which happens first, the release of SMTs or Bitcoin setting a new all-time high, the future of STEEM remains bright and promising. Until I come your way again, I wish you a full STEEM ahead.
Hello dear @gandhibaba, thanks for sharing.
It is the question we all ask ourselves, really important efforts are made to recover steem prices and to add more value to the blockchain, however everything seems to be useless, the price keeps its downward trend, although these days to achieved a small stability, only that it stabilized at a very low price.
I remain optimistic, waiting for a rebound in prices, that steem scales to its true value.
I believe we can all remain very optimistic. While fiat currencies around the world collapse, cryptos and metals will explode in price.
Of course, BTC will set the standard, but there are a few other cryptos with great futures also, including Steem.
Price often doesn't reflect the fundamentals. As long as Steem is fundamentally improving, the price will eventually catch up. It might take a long time, but the positive side of me just treat this as an opportunity to accumulate more :)
I fully agree. Having followed the crypto market for over 5 years now, I can say that the fundamentals are not often reflected in the price at any given time.
And your strategy of ongoing accumulation is one of the best, at this time.
Cheers!
Absolutely agree with you. I have started accumulating already. Soon, we'll look back and find it unbelievable that Steem once dipped to the present prices. Cheers!
Resteemed already @gandhibaba
Upvote on the way (once VP will be fully recharged).
Thumbs up! Thanks.
I love the way you have remained optimistic through this very tough year or more. Of course, when things look grim, that's often the best time to look on the bright side.
Let's hope the bright side gets even brighter!
Thanks for stopping by. I remain optimistic, believing that the cyclical theory is applicable to cryptos. Also, your personal encouragements and persistence have kept me going too. Cheers to the brighter side!
What a bummer that was. I am glad I stayed around though. The new and emerging tech is eye opening.