This was something that I have been fearing for a while...
Screenshot 2019-10-11 19.57.55
Steem has dropped off the first page in Coinmarketcap to the 101st place
I know there are a couple of thousand different coins and projects out there but steem is really near and dear to me. In all its time I do not think this has happened before.
It is not because we do not have any development going on. Steemit inc is going full on for SMT right now with the end in sight. Even taking a month off from the continuous selling of Steem (800k per month driving the price down)
It is not because the internal market is not working. Steem engine (the project from @aggroed) has locked up over 1 million in Steem that is not being sold on the open market.
It is not because people do not like steemmonsters, aka splinterlands since the user base is growing, the kickstarter campaign has overshot its target by almost 3x
All of this is going on and more...
So why does this price keep dropping? Steem seems to be be one of those tokens that suffers from BTC dropping but does not follow when BTC goes up. A lot of altcoins have shown signs of reversal and have been doing really well compared to bitcoin. Some traders are actually calling for a possible altcoin season kicking in.
Lets hope our beloved Steem kicks back into high gear before we disappear down the charts.
Even with all this negative price action, I have faith that all of the things listed above will provide us with more then enough to overcome this downturn and as such will not be powering down but will keep on curating and help building this project become bigger and better...