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RE: Steemit traffic going wild everywhere... now that STEEM is back into the top 10 CryptoCurrency Market Capitalizations
I am curious what all this spike is really due to... If you sit and watch the exchanges you can tell that much of this is hard manipulation. I am not discrediting steem at all, it's just that there has been many coins in the last 8 weeks that have skyrocketed with no apparent reason. Did ripple skyrocket because BTC skyrocketed? Or did BTC skyrocket because people investing in ripple are forced to buy BTC to get the ripple? I use ripple as an example simply because it raced to #2 in market cap and had quadrupled its market cap in less than 8 days. Of course it's in the interest of coin bag holders to pump a coin at the same time that BTC rises, it's like multiplying your gains.
There is no doubt that the altcoin bubble is playing a big part. On the other hand, user activity growth has been happening ever since the whale-vote experiment started to have an impact. In general increases in user activity have been preceding price increases.
Agreed, organic usage has been growing but this is being significantly helped buy rising market interest.
Crypto currencies are self fulfilling prophecies. Wave after wave of price spikes leads to more and more adoption longterm. Eventually many will become mainstream as the network effects kick in harder and harder. Steem is not going anywhere since the more users the more demand for its native token. We have core group that is as loyal as those early Bitcoiners. I got discourage investing here last year as I saw my gains evaporate but even before this recent price increase there was many signs of organic adoption growth. I only regret now divesting a 1/3 of my position at .20 cents!
Do you have to use bitcoin to buy Steem?