When I first owned STEEM it was in the top 10 of all cryptocurrencies. Now, it's headed off top 100 cryptos list, falling steadily each week, now to #80:
I notice the "total market cap" of our currency is under 100 million USD. Does that mean that all STEEM created to this point, if sold at the current market price, is worth about $100m?
If so, my belief is that STEEM is greatly undervalued right now. My team and I have worked for nearly 2 years full time to create content for this blockchain. There's no way to know what that's worth in terms of dollars, but we like to think the few hundred we've amassed for our efforts so far isn't really indicative of our contributions.
I'm the 5000th richest Steem account, so clearly not a whale here by any stretch of the imagination. I recognize there are many people who have contributed more than I have to this blockchain, both with financial investment and that of time, skill, and effort.
This chart shows the price of Steem (in BTC) from the start until today. It has never been worse, and continues to go lower every week. If this is a buying opportunity, it must be an incredible one!
Alt Season
You may have heard of the concept of 'alt season', which is the theory that other cryptocurrencies will do well in the latter half of the bull market. I agree. This has been the pattern before and I don't see why it would have significantly changed.
It's possible that STEEM will recover soon, and start taking back some of the ground lost to Bitcoin recently.
But is it more than just that? Is something wrong with STEEM?
There it is (priced in USD) since I got heavily involved at the start of 2018. That chart probably has a lot of us shitting our pants about now - the technicals are ridiculously bad.
- head and shoulders is bearish
- entire crypto correction appears to be a deadcat bounce on this chart
- a consistent pattern of lower highs and lower lows
That said, it's always darkest before the dawn. Nobody wants to catch a falling knife (is that enough metaphors yet?), but could we be approaching the time to load the boat with STEEM?
Is this how whales are made?
I had my shot at Moby Dick, and turns out, it was a couple years early. I have nothing left to put in. All I can do is hope the tide reverses soon, and rising crypto waters start to float the Steem boat. But someone else, maybe you, is positioned to take a large stake in this blockchain right now.
What do you think? Is STEEM sinking to the dustbin of internet history, or is this an incredible buying opportunity?
DRutter
