Every time STEEM finally starts doing well, Bitcoin falls out of bed literally the very next day
I've seen this pattern play out time and time again over the last several months...
STEEM has been a laggard compared to most other altcoins in the Top 200 so far during this bull market.
There is a sort of rotation when altcoins start doing well where the mega cap altcoins move first, then the medium cap coins, then the smaller cap coins, which I would group STEEM into for now.
So, STEEM moves at the end of the altcoin cycle, and literally right after it starts moving, some major move happens with bitcoin literally almost the very next day and it tanks all the altcoins, including STEEM who finally just started moving.
While this has nothing to do with STEEM per say, it is interesting to note how regularly these keeps happening.
If you go back and compare the charts you will see that it has happened roughly 4-5 times now over the last couple months.
Any time STEEM finally gets some momentum and starts outperforming other altcoins, bitcoin falls out of bed literally the next day or two, and then STEEM as well as everything else gets rekt.
(Source: https://coinmarketcap.com/currencies/steem/)
How do we break this cycle?
I'm not sure how we break out of this cycle to be honest, but it is one worth paying attention to.
Maybe when bitcoin gets to the truly parabolic stage of its move, STEEM will have some extended time in the sun instead of just a couple days before the carnage sets in.
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Yeah not like the correlating growth in 2018, i still remember that time when btc was around 17k and steem was in $6.
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I think that is happening with most cryptocurrencies. And it's been like this for years. Most of them just follow the Bitcoin price, unless of course there is some BS garbage news article and they go up for a few hours only to drop again. Here's Bitcoin, Ethereum and Binance Coin today on Coingecko.
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Yes, there is that longer term correlation as well. I'm just talking about during these altcoin seasons, there is a rotation and steem tends to be last on that rotation list. By the time steem starts moving, bitcoin gets volatile and the altcoin season ends. It's happened like 4-5 times over the last 6 months. On that note, the price action today in STEEM completely wrecked that trend, which is awesome. BTC getting volatile and STEEM don't care!
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I really wish steem will one day get that extended time in the sun. It's much needed
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Funny as you mention Steem price, it jumps to $0.80! Steem has risen from $0.13 to now $0.80 high, that is a more than 6x it's price! I can't wait to see where we are going with Steem! Happy times coming...
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I hope this time, this Steep pump we don't get another BTC dump.
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I don't understand much any of these, but I hope it is something that would be a good sign to steem.
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We need to market, educate. Market and educate. Target popular content providers on other platforms to start communities and post content. We need creators with followings to get on board.
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It has been very tough for it to break away like it has wanted to for over a month. Personally I feel like if the power down cycle was changed to 1 week more people would take a chance on getting on the platform.
I think what is even more strange is how HIVE and STEEM are pumping at the same time. I just don't get that.
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