Edited in canva
Steemit is a social media blockchain that is performing on an improving scale to outperform other social media chains and time tokens. The steemit ecosystem has undergone several developmental processes before getting to where it is today.
As a social media blockchain, the ecosystem is structured in such a way that its content creators or authors are rewarded for publishing quality contents. It rewards its content creators with the steem token in dollar equivalent.
Content creators or writers strive to make earnings by publishing quality contents that are free from plagiarism.
STEEM is the utility token that powers the steemit ecosystem where authors can make their publications known and then be rewarded.
Since the ecosystem came onboard, steem price has gained some increase with short term fluctuations.
Bybit live chart
Steem has not really fared well this year in terms of price rising. After rising to a high of 0.3428 in March 2024, it has been on a steady decline since then. The closing prices below show that steem has been on the fall till date. The closing prices spans from march 2024 to September 2024 as follows:
| Year: | Month: | Closing prices |
|---|
| 2024 | March | :0.3428 |
|---|
| 2024 | April | 0.2870 |
|---|
| 2024 | May | 0.2777 |
|---|
| 2024 | June | 0.2007 |
|---|
| 2024 | July | 0.1886 |
|---|
| 2024 | August | 0.1615 |
|---|
| 2024 | September | 0.1851 |
|---|
Taking a critical look on the above figures, you can observe that has been on a steady losses over Usdt. It tried to recover losses it made in August but, the current bearish pressure is still on the increase.
Over the period indicated above, steem has lost about 0.0868 representing about 26.96% of steem lost cummulatively.
Looking at the analysis above and the current general crypto market conditions, there may not have much increase in its price as there are still negative perceptions in the market.
Canva
After the BTC halving in April, the expectation was that the entire crypto assets would seem some price increases but this is not the case now. Since this has failed, the market is relying on fundamental elements to recover. For instance, a positive affirmations on US Government holding crypto assets as highlighted by the US presidential aspirant Trump, may spur the market up if he wins and implement it as a policy. Crypto asset prices would show recovery including steem.
When the steem rises, I buy more and invest as the market is now ripen to go bullish. Holding more steem for me during this period, for me it would be a potential investment opportunity I should not miss out.
The crypto market is volatile in nature and so price fluctuations remains a characteristic factor in the market. Steem is fundamentally strong and a rise in its price would make it a global attraction.
For steem to have an exponential growth, there has to be an additional incentives given to authors. Extra steem points should be given aside for creating a quality content.
There should be a reward in the form of an interest, paid on savings in the ecosystem. This would provide more steem liquidity not just in the ecosystem, but in the market at large.
In the social media blockchain, security is of utmost importance. Securing the assets in the ecosystem and that of content creators would bring confidence and trust.
Launching campaigns and seminars where issues about how the steemit ecosystem works, its benefits, rewards and sustainability would position the steem on a positive light in the crypto and blockchain space.
Steem has strong Fundamentals which makes it attractive and stands to rise to compete for global recognition adoption in the coming years.
Adopting sound reward and ecosystem security, would increase investors confidence which would in turn, attract more investors to the project.
The current bearish market condition has hold sway many projects that could have otherwise, experienced potential growth. A part of the reason may be the failure of Bitcoin coin halving to achieve an expected rise above $80,000. The impact of this could have made other crypto assets to increase in Price.
If the market starts to recover, especially if the BTC starts having price above $80,000 level, other crypto assets including steem, may begin to show signs of bulls and rise in price.
Invite the following persons to participate:
@fhasnia
@kesybliss
@shawlin
Many thanks to the Steem Entrepreneurs community users who shared the original posts. We hope your contributions continue to inspire and strengthen the entrepreneurial spirit in our community.
Kind regards,
Steem Entrepreneurs Team
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Thank you for taking part in this competition which is very important for the future growth of STEEM.
From the points above, you have explained well and understand better about crypto and are familiar with the use of charts, although I don't see how it can show the process of setting STEEM prices in the near future.
I hope this will provide a show and education about crypto that steemians should do.
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Thanks for your commendations. Prices are set or determined by the forces of demand and supply in the market which may be brought about by strong fundamental factors. The factors could be new innovations or changes brought in the ecosystem, as regards to steem, or events such policy pronouncement that may impact the entire crypto market.
I appreciate your input, it goes along way.
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