Steem drops over 100 on coinmarketcap

avatar

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.

And why?

  • 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 tribes are not working. Coins like @steemleo by @khaleelkasi are really driving demand and are creating their own markets.

  • 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 there are no new projects, @dtube is launching, @threespeek seems to be thriving and steemhunt just announced that they will be expanding as well.

  • 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...

what do you think is the reason for the drop??

are you selling or hodling?

steemleo palnet neoxian spt investing bitcoin steem money
0
0
0.000
11 comments
avatar

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

0
0
0.000
Reply
avatar

I dont see it dropping out...It seems to be listed at #86 right now.

As for your point, I agree with you...there is no sensible explanation but then markets aren't always sensible.

There is a lot taking place which is great reason to buy STEEM. I am looking to buy more, just looking for my entry point. I can say it is getting close.

0
0
0.000
Reply
avatar

you looking to buy in at 10 cents then I guess. I am not sure if I want to increase my position in comparison to my other crypto holdings

0
0
0.000
Reply
avatar

Oh no I missed the dip. I'm looking to get a little more. I keep eyeing the Steem Power ranking and I just have to get to the top 1000

0
0
0.000
Reply