Steem - Good things are coming, even if the price hasn't realized it yet
The price of steem has been pretty beaten up, but that isn't the entire story...
We all know that steem has been kicked pretty hard ever since peaking in January of 2018.
It's currently down some 99% from it's all time highs.
Where it once briefly touched $9 and now currently sits at $.13.
Most of the altcoin and crypto market was beat up in similar fashion, though steem has still been beat up worse than most.
However, that isn't the whole story...
Yes the price is important, it is very important in fact in regards to keeping the project functioning. However, the project isn't quite as beat up as badly as the price decline implies.
Why do I say that?
Looking at a recent article from coinclarity.com we can see that steem is a lot more popular than many of its peers, despite the price decline.
In fact, since January of 2018, Steem rates as the 4th most searched coin in all of crypto.
Let that sink in a bit...
Steem currently ranks as the 80th most valuable crypto project, yet ranks as the 4th most popular since January of 2018?
Something sounds a little off about that...
(Source: https://coinclarity.com/using-google-trends-to-identify-popular-altcoins/)
What's more...
The 3 coins ahead of it are Bitcoin Cash, Tezos, and XRP.
Coins with significantly higher market caps than little ol steem.
Even king Bitcoin is ranked 5th, right behind steem.
Here is the list of all the coins that qualified using their ranking criteria (coin must be within top 100 on CM and be at least 2 years old):
Aeternity (AE) – 8
Basic Attention Token (BAT) – 14
Bitcoin Cash (BCH) – 30
Bitcoin Diamond (BCD) – 4
BitShares (BTS) – 5
Bytecoin (BYTE) – 2
Cardano (ADA) – 15
Decentraland (MANA) – 15
Decred (DCR) – 5
DigiByte (DGB) – 6
DigixDAO (DGD) – 2
Dogecoin (DOGE) – 11
Electroneum (ETN) – 7
Ethereum (ETH) – 9
Ethereum Classic (ETC) – 14
IOST (IOST) – 3
Litecoin (LTC) – 11
MaidSafeCoin (MAID) – 15
MonaCoin (MONA) – 4
Monero (XMR) – 13
OmiseGO (OMG) – 5
Qtum (QTUM) – 3
Siacoin (SC) – 1
Steem (STEEM) – 19
Tezos (XTZ) – 28
VeChain (VET) – 9
XRP (XRP) – 25
Zcash (ZEC) – 9
Zilliqa – 4
As you can see, steem has the 4th highest ranking which indicates people are searching for it.
More from that article can be seen here btw:
https://steemit.com/steem/@jrcornel/google-trends-says-steem-is-a-top-4-coin
The price will catch up over time
Given the above info, I would bet that the price will eventually reflect these trends seen on google.
Projects ahead of it with no users and no one actively searching for will eventually go away.
The projects that do have users and continue to develop use cases will rise like cream to top.
As long as steem continues to be one of those there is no reason why the price won't eventually reflect that.
I think we will see steem start to rise in 2020 and hopefully continue to do so as most of the vaporware ahead of it goes the way of the dodo.
Stay informed my friends.
-Doc
Thanks @jrcornel for taking the time to research this data....Quite an interesting prospective to look at and draw some hope that the price and use of the platform will continue to flourish......
It's the 4th most searched for project since the peak in 2018, yet it has fallen considerably in price. Seems like a good environment to be buying into. Sometimes the market gets it wrong...
Reason for bad price is super simple.
Big Investors dont know what Steem is. Most think is only some Content Platform.
They dont know about SMT / Steem Engine / Dapps / SPS /Tribes / Keychain and all this cool shit we have and we get.
Most think Steem = Steemit .....
Bitcoin is for them more easy to understand " storred value".
Is like first Social Media Stocks, they all sucks at the start.
I think some really good, professional and short Content for Investors " what Steem is" bring them in.
Information should not be like " everyday you go on Steem you see some new Shit" :D
I think the best would be something like Coinbase earn with soem Videos they get a Free account and some delegation/ Steem if they do it right.
So teaching is way more easy.
At this point, I continue to power up and keep the focus on the long-term.
That's really all we can do. Hopefully steem goes along for the ride if things really start running here.
Well let us all prepare to welcome those folk and hopefully I’ll be stacked up by then to curate and make some new steemians minnows in the process
Just because Steem retained more interest than other projects doesn't mean there was any interest to begin with. I confirmed this by checking Google Trends myself.
https://trends.google.com/trends/explore?q=steem,bitcoin,ethereum,litecoin,xrp
We can see that Bitcoin has the most interest of any crypto by a huge margin. This makes sense obviously because mainstream adoption is quite far away. Bitcoin is the obvious gateway into the crypto community. Everyone begins at Bitcoin and a small percentage will branch out from there.
That certainly is an interesting way to skew the results to make other projects look more valid though... I won't complain about Steem getting extra screen time. I'm still amazed that Steem hardly ever gets talked about... even in the context of decentralized social media... it's kind of mind blowing honestly.
Yea, but it wasn't really about skewing anything. The whole point of the rating and ranking system was to rate projects compared to the interest they saw at their peak. Nothing more nothing less. Compared to other projects steem hasn't lost as much interest since peak interest.
For sure. Mostly it reminded me of that other 'study' done using Google surveys that made the claim that 8% of the world owns crypto or whatever it was. Most stats are very heavily skewed into a purposefully subjective bias.
Haha very true.
Hi. I'm not an expert on crypto nor the recent developments in the Steem blockchain so half of what's being said here sounds French to me. However, I am familiar with stocks and the stock market (at least here in my country) and I have been tracking the price of Steem for quite some time. I have noticed that if I traded Steem as I would stocks, I can earn anywhere from 5 to 10% every week depending on my entry point. Steem price usually drops down to $0.11 but sure as hell it gets back up again within the week to the $0.13 to $0.14 range. If I buy at $0.12 and sell at $0.132 that's a cool 10% return less whatever the charges are for buying and selling, which again I am not familiar with. The point of all this is I suspect Steem is popular because people who trade Steem (buy and sell only) can earn a hefty return on their investment just following the age old strategy buying low and selling high. Plus the fact that it's cheap anyone trading does need a big amount of capital. This is just my observation and I just want to share it with you for whatever it's worth. Thanks for your post and the opportunity to share my opinion.
That is an astute observation. The volumes are pretty low in general on a daily basis, so anyone doing this is likely using small amounts of money, like you alluded to. Are you doing any trading yourself?
Hi again. No I am not into trading but I am very much tempted to. I just simulate trading and so far in the last 2 months I'm up :)
😁✌ #steemon #hold #future #gains #reward
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