Steem and Bitcoin - The Little Brother Big Brother Relationship [steem][bitcoin]
Holding Big Bro's Hand
Since Steemit.com went down for some time yesterday, I decided to look at some charts and found some interesting coincidences.
In chart 1 (above), we can see the red circle showing the first signs of Bitcoin making a move in price sometime around May/June of 2017. In the black circle we can see Bitcoin's price topping out at nearly $20,000 in December of 2017. Notice the red rectangles showing trading volume. About one year later, trading volume remains substantially higher along with the price.
In Chart 2 we can see the price of Steem followed Bitcoin's price increase that occurs around May of 2017. In the red circle, Steem seems to make a higher percentage move up in price compared to Bitcoin. In this chart's black circle we again see the Steem price reach its all time high of around $8 about two weeks after Bitcoin reached its all time high of $20,000 mid December.
Interestingly enough, in this third chart we see Steemit.com user activity through posts and comments somewhat mimic Bitcoin and Steem's price timeline. As the price of Steem goes up, so does overall Steemit.com user activity. As the price declines, so does the activity.
I don't think enough people yet realize how important Steem and Steemit is to the crypto-currency ecosystem. As I stated in the title, Steem is like Bitcoin's little brother, smaller for now, but with the potential to be just as big as its older brother Bitcoin.
I think you'll find that if you do the MATHS, Steem makes bigger percentage gains, but I am too lazy to do the A-wrist-Ma-Tick.
Anyone care to enlighten us with the MAFFTH skills, I will up vote generously in the comment section for anyone who shows us those number comparisons or MAFFTHS. hehehe.
The Bitcoin and Steem price Charts were screenshots from coinmarketcap.com while the Steemit user activity chart came from an awesome steemian @penguinpablo
Full Steem Ahead!
@streetstyle
image src:
Pic 1
Shared on twitter promoting good quality content on #Steemit and the value of the #STEEM Blockchain. Stephen
#Promo-Steem #steemtalent #JoinSteemit #Steemit
https://twitter.com/StephenPKendal/status/1042365032871485442
Thanks for that @stephenkendal plus all your efforts.... It is greatly appreciated!!
I've been trying to get this through the heads of whiny weasels that act as though the whole of crypto is in perfect shape, while Steem's laying in the gutter drinking from a bottle of Jack. It needs to be repeated...
I can't wait until bitcoin is no longer the gold standard
I think that Bitcoin will always be the gold standard of crypto just by being the first with an unknown (as of yet) creator. I also think though, so goes Bitcoin, so goes the rest of the cryptos for the most part.
So for example, if Bitcoin can get back to its all time high of $20,000, then Steem could follow with its all time high of $8 as before but possibly higher since it has an easier price burden to overcome than Bitcoin at $20k.
Any how, thanks for stopping by, much appreciated.
amigo muy buena información ese análisis que hace,y de verdad que mientras sube el steem mas personas se interesan en ingresar a steemit.Gracias por el apoya que da a mis publicaciones,saludos y Dios con usted.
De verdad @streetstyle que la comparación que haces entre como subió el precio de Bitcoin a su máximo historico de $20. 000 y eso también empujo al Steem a su máximo de $8. Y tienes razón a medida que más personas ven que pueden aumentar sus ganancias se involucran más en Steemit. Saludos y gracias por siempre el apoyo que nos das a nuestras publicaciones
Interesting observation. I also noticed that the Steem repeats everything from Bitcoin
lol I do agree with your research
While yeah as it is seen over the past few days the user activities have been quite down as the price went down but like you said according to the chart we might see sth great is going to happen in the coming days :)
Lets hope for the best though :)
It's happening as we type with price of Steem climbing 12% @rehan12
Well I heard from someone that it was an act of a pumping group for the steem price to rise this much
but yeah true or not everyone is sure loving it ;)
I think that's why we have seen a considerable drop in Steemit due to the low price of Steem. But I think it will soon rise, and then it is steem and bitcoin go hand in hand. Thank you for your valuable support means a lot to me
Así mismo es amigo @streetstyle, en este momento es el hermano menor de Bitcoin, pero no perderemos la esperanza de que algún día se convierta en el hermano mayor.
aqui mi visita para agradecer los votos dados a mis post,Dios se lo retribuya en salud y prosperidad porque de verdad me ayudan a aumentar mis steem para poder obtener un dinerito,hasta luego amigo