Steem has not been immune to the downturn in the overall cryptocurrency market and has seen losses extremely similar to those of Ethereum, the main Altcoin and one of the common currencies that other altcoins are traded against. In my opinion, we're within 5-6 months of a huge turning point for steem price, as well as for steem popularity and utility. As the release of Smart Media Tokens approaches, the only scenarios I can imagine where Steem doesn't see a huge bounce in price are:
- The scenario where there is too little development effort and smart media tokens aren't a success. To be clear, I don't foresee that happening. I think that SMTs will be huge because of the fact that they are being built on THE MOST USED Blockchain worldwide and SMTs will have the largest crypto-centric audience in the world to display themselves to and to show people how limitless this blockchain will be.
- The Cryptocurrency and/or Blockchain Movement continues to move downward as a whole. I also don't see that happening. I subscribe to the ICO Hypothesis, where many of the less-than-reputable ICOs that were popular in 2017 cashed out, leading to the market downturn. I think that the cash out has essentially ended, as shown by the stable bottom that has been hit about 3 times by ETH and BTC, especially the 6000 BTC bottom.
I am going to top up and I'm going to buy the dip that I believe we're in. I think that the bottom has been roughly reached by BTC and ETH and I think that a potentially slow, potentially steady incline is coming; how slow and how stead it will be, I don't know, but I do think an incline is on its way nonetheless. Steem is pegged heavily to BTC and ETH, as shown by comparing their charts over time. It is not an exact correlation, but it is there. So, Steem will rise as they rise and then Steem will rise even further at SMT time. So, I will buy now while Steem is cheap and while I believe it is on a huge sale, but not more than I can afford to lose, as Crypto has its question marks.