Some investors and scientists are seeing the Market something almost so great as God. They think the market knows it all. All information is included in the prices. That’s because it is impossible to beat the market. The Market is almighty. Etc., etc.
Hit or flop?
I couldn’t register to Voice, the new EOS-blockchain social media application, although I tried. They simply didn’t answer my request. So be it. But if the market is so wise and knows it all, then, the same market can tell me if Voice is a success, a great thing. Or, maybe not, it is a flop, a defeat.
That’s because I was wondering how EOS has performed in the last weeks. Voice was announced on the 1st of June, so I made a comparative chart from this day.
If we think the chart tells us all, the chart is wise, then Voice could not be a real success, because EOS was clearly underperforming. Fell 30 percent from May 31, while Bitcoin jumped 30 percent. Our Steem price, about which all are complaining, fell “only” 15 percent in these 5 weeks.
Expectations and reality
Although, there can be other reasons than new developments. I think Bitcoin has had no innovation recently. Steem is preparing a hard fork, but nobody knows in reality, how it will end.
Another explanation is that Voice is some sort of success, but a lesser one than expected before. The news or gossips of the upcoming application were previously arriving at the market. EOS was surging a lot in the 5-6 months before (to more than 8 USD from 2 USD). (See the second chart.) So, the fall can also be a correction of the previous highs.
I think I make a series with the title “Chart Of The Day”. I see every day interesting things on the markets or in the news. The first part is here:
(Cover photo: Own work)