STEEM: the rough tumble from the top
0.127 USD is today's fresh STEEM low, as the cryptos correct and the PMs jump. It's down 98.5% from the top early last year.
The above chart sums up my personal experience with the STEEM currency. Most of us who have been holding it for a while have a similar story.
In terms of purchasing power, if we price STEEM in Bitcoin, it has never been cheaper than it is right now. We are ALL underwater.
Which just means that now is the best time ever to buy (or earn) more STEEM. If you believe there's a future for this currency, this could be the buying opportunity of a lifetime.
Looking closer at today's drop
That's STEEM over the past month, showing today's move to fresh lows not seen since March of 2017. Back then, STEEM was in the top 10 on https://coinmarketcap.com but nowadays it has almost fallen off the top 100 list.
But as I wrote recently, there are several reasons to be bullish on STEEM, and today's drop only strengthens the case made there!
Gold and Silver
Gold and silver, the primary monetary metals, are enjoying the beginning of an overdue bull market. Here's the daily silver chart:
I accurately predicted this move to a bull market 7 months ago here. It's still early though, and a great time to accumulate physical positions of these metals.
I noted in a YouTube video 2 years ago that people were selling their precious metals to buy cryptos. Could that trend have finally reversed? Are people selling their cryptos to buy into the hot gold market?
Major cracks are appearing in the global economic system, and regulators are finally beginning to go after the banks responsible for rampant gold price manipulation over the past few decades. Additionally, war and talk of war is everywhere right now. It's absolutely time for gold to move to new all-time highs! And I wouldn't be surprised if a few crypto whales have decided to load their boat with bars while the prices are still good and it's still readily available.
What you do with your money, currency, investments, savings, and other forms of value is up to you. I hope this info and analysis helps, and I wish you all the best.
DRutter
STEEM, it's almost like getting Ghosted by the Price! lol
Great article! There's not enough gold analysis on Steemit.
Upvoted and resteemed.
Thanks for explaining why our "estimated account value" keeps falling through the floor, the harder we work!
Mine is almost lower than when the account began 1.5 years ago lol
Just checked tonight.... STEEM is down to 13 cents......
my account value is 6.5 USD and it was about $10 USD when I started here...... so all my work has resulted in negative $3.5 :(
98.5% is quite a fall. But remember, it could lose another 98%, and another, and another....
Yes, 1 STEEM can be divided into billions of subunits. The price could fall by 98% every year, essentially forever.
it has been rough, raw, and nasty...... and not in the good way :(
Great Post buddy. Thanks for the info.
Thanks for commenting.
Here is some analysis of today's huge move up for the USD, sending all commodities plunging. I was hoping for this! A personal chance to exchange a little more fiat for metal.