STEEM's Lowest Value Was ~0.00006100 BTC, $0.07, in March 2017 - Are We Headed Lower?
On March 11 2017, STEEM was worth about $0.07 and 6100 Satoshis. BTC was worth a lot less than it is now. STEEM was stuck there for about 4 days, and that was the lowest value it's ever hit in USD and BTC.
Source
How low is STEEM going this time?
It's only 1000 Satoshis away from the all time low, currently sitting at the 7000 to 7100 Satoshi range. In USD, that's about $0.25. STEEM is still worth 3 times more in USD now than it was nearly 2 years ago on March 11, 2017.
But Bitcoin was worth $1,175 on March 11, 2017. Compared to now at about $3,500, BTC is worth just under 3 times more (3500 / 1175).
This could mean that STEEM is undervalued right now, or that BTC is overvalued. But that's assuming STEEM is supposed to keep the same value ratio over time, which isn't how it works. STEEM isn't locked that way, and neither is any other crypto.
BTC was worth 16,000 more than STEEM on March 11, 2017 (1175 / 0.07), while now (December 9, 2018) BTC is worth 14,000 more than STEEM (3500 / 0.25).
I think STEEM is worth more, given all that it has on the blockchain, all the apps, the community, etc. I can't predict the future, but it seems like the value will go higher compared to where it is now.
Does that mean we won't go lower? No. I think we might even go below the previous low of 6100 Sats. And we may even go lower than the $0.07 USD. But things will turn around. I see a higher BTC value, but an even higher USD value. Seeing STEEM above BTC though, seems like a dream, but it may happen one day ;)
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I do believe that it will probably fall till the end of the year. The money players bought quite a bit and this will help them scoop up more cheap as they lighten their tax liabilities using crypto as a write off instrument. Steem will continue to fall until such a time as others prove that Steemit.inc is not the glue holding this all together. So far it has mostly been talk of their not being needed, and this latest admission of theirs has exposed the chain is not as free as many have pretended.
Yeah, so much for the "BTC will have a bull run like last year" BS. Things will fall into next year indeed. 2019 may be another economic collapse. Maybe crypto will fair well then?
I kind of hope for a continuing bear market. I bought the majority of my Steem at $0.07 and I have been buying again. I have high hopes for this platform even amongst the FUD lately, so let the real players show up and buy in. We aren't really ready for prime time yet anyway, so we have a heck of an opportunity here.
It's not just self-centered greed though; the market needs a gutting, I think. I do wish Steem would climb the ranks instead of fall, but I think this will knock out a lot of those fools gold players.
I say we aren't ready for prime time, but I do think we are getting close now. Steem and LBRY are the ones I think might make some really big moves in the next 5 years.
Good on you for buying so low hehe. I hope everything pans out in the long term. I missed out on doing things right. Should have sold some BTC at the top last year but didn't, thinking it was the beginning of more lol. 5 years to wait for STEEM eh... darn :/
The speculation is so tricky. Does one wait to buy in, or get in now? Steem was also 25 cents on July 6, 2016. One week later the price goes x17 to $4.25. The liquidity issues of crypto are legendary. A few million dollars here or there can alter the market cap by fifty times as much.
Personally, I'm trying to save up a little to buy in a few months. I figure you have to give time for the power down after Steemit Inc. laid off 70% of the company. Although, with SBD in the 60 cent range that seems like an extremely safe bet.
I think we also have to assume that if the price spikes ned will thank his lucky stars and sell into it.
Yeah, that jump was because of the initial launch and hype, which won't happen again I don't think.
Yea friend. I was also thinking steem is also moving at the ratio price of bitcoin before. Actually the present price of steem now is really frustrating and you know some are complaining about it while others are praying for it to fall much more further. I actually didn't think steem will hit the 0.07 USD again as it lowest price. I guess all of this price is just meant for this year. From the beginning of next year, I predict that we will be seeing some good result or rather improvement in the price. But who can easily predict the price for now??
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I think we're going lower, but maybe not ;)
I just hope the big stake holders like freedom and the other alpha created accounts connected to this user don’t crash it by selling their millions of Steem and SBD. They’ve been selling 50k SBD per week lately. Numbers I couldn’t even fathom
I think there will be witnesses to keep this place going but if the alpha users cash out to make money then further dark times ensue indeed.
It doesn't matter if they sell, others will buy ;)
Yes I suppose that’s right, I did end up buying, might buy a little more!
As long as I don't have to sell and as long as the platform stays online, I don't mind too much. It'll be a chance to be an early adopter again. It's like charter bus turning back to pick up some late passengers. A hiccup. :)
Hehe, how many times do we get to be early adopters as the price bounces around :P
I'm afraid BTC will go further down in the coming months. This means that it's not early enough to buy more STEEM, yet.
Yeah I too believe it is worth much more and that sadly we will go lower still. It is a waiting game for now. Bitcoin futures are manipulated on the stock market. So that does not help matters as that has an impact on the rest of crypto. Thanks @krnel
Yeah, it's a long way down :/ It's all a big number magic gambling game. Speculation and manipulation...
March 2017. You've got the wrong year. Please consider correcting it.
Shite! Thanks. I got the date right in the chart for STEEM, but messed up the date elsewhere :/ I've corrected the dates and the values. BTC wasn't 420, but 1,175 on March 11 2017.
Big buy opportunities still await. This bear market may still be intact for another 1-5 months IMO...
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I think so too. The btc price often dictates alt coin movements on a wide scale. If you check the tmbtc futurs market they are diwn in the 3.5k area through March.
When evaluating over or under valued coins I believe its important to use more than 2. Btc and steem are two very different things. Many crypo investors don't even know what steemit is.
So, is STEEM or BTC over or under?