Today Marks 1 Week Where Steem Has Been Over A Dollar And That Includes The Dump The Markets Took Today
Today makes one week where the price of steem has consistently been over a dollar. How do I know that? Well I traded 3,000 units of it for around .92 cents and then I watched it sky rocket up into the $1.30s. I'm not salty, I put it into some other things that I am optimistic about. I had the idea to do this as I was comfortable that the price was not going back to .90 cents again. I'm not psychic and of course I can be (very) wrong but this week proved that the price is holding strong. And even today, a very bearish day with a lot of red, steem is currently at $1.10. A good price for a currency that was worth .15 cents not long ago.
Unless the market keeps going down from this dump, which it might, bitcoin is still dropping, I do not think steem will go below a dollar again. This is not trading advice and if I knew where the market was going I would not have sold that 3,000 in the first place. But I feel we have a new low. I wrote before that I feel there is a psychological difference between something that is under a dollar and over a dollar. I also feel like there is a psychological difference between $2, $5 and $10 and those are the milestones I hope to see steem pass in the upcoming months.
But wtf is happening to bitcoin. My first thought is it is a correction. There has been a crazy raise and it is reasonable to see a dump. There has been talks of bubble, bubble, bubble and this could be that, we will have to see how low it goes. I did some research and don't see anything serious happening. The Merkle mentioned it is a correction that got a little out of hand with profit taking and dropped the price. Only time will tell. Lets see where we are at tomorrow.
Here is the link to the Merkle article if you are interested in more info, there is mention of the coindesk conference ending and the Segwit news (which I know little about and something you really should research if you are interested in the coin) being what caused the high of the price and people wanting to take a profit after that caused the dump:
https://themerkle.com/bitcoins-price-drops-to-2250/
What do you think will the low of the coin, let me know in the comments.
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
Cool... I am still a little confused on the difference between the value of having steem dollars or the steem power in my wallet... I am just starting to get rewards.. is best to just leave it as some of both if you're new, or is it better to convert it all into steem power maybe? Thanks for the post.
Well all I can say is I hope that this is as low as it will get.
I've heard it said by Bix Weir and others that it's not in a bubble until your neighbors are all asking you for advice on which cryptocurrencies to invest in next ;-)
Hello @whatageek,
I was just reading about projections for steemit to be $10 in the next Year. I thought that was a little bit of a bold call but it would make a lot of steem millionaires.
Best,
Isaac
ps- with inflation of the USD 1 million is worth about 1/4 of its real value