How Is Steem Trading Above 20 Cents When The Whole Market Is Plunging!

Source

The battle between our steem community and Justin Sun is still going on and there seems to be no real end any time soon. At the time of writing this, the top 10 witnesses are from real witnesses and the other 10 in the top 20 are from Tron.

The good news is that both Binance and Huobi said that they will power down all the funds in their steemit wallet and will take no further part in voting. Huobi has already started power down while Binance is biting its time. Both Binance and Huobi said that they were not aware of the real situation and wouldn't have voted if they knew about it. While this seems to be a lame excuse, it's still good for the steem community.

This battle between Justin Sun and the steem community has had a positive impact on the price of steem so far. While all the other altcoins are down 10-15%, steem is still holding it's price of 20 cents. For the past month or so, I have always seen steem between 78-80 on coinmarketcap but for the first time in a long time, steem was ranked number 72.

There are plenty of reasons for steem still holding its price according to me. I read somewhere that Justin might be shilling tron and purchasing steem in order to vote for his puppet witnesses which is a direct result of steem still holding its price and the plunging of tron. This might be true to some extent but I don't think that this is really the case here. Most of the altcoins are down more than 10% and last I checked, Tron was down 11% which clearly suggests that it is a result of the market going down.

There are a few reasons which I think are helping steem :

• Since the battle started between Justin and our community, Steem has been in the news. A lot of big names have tweeted and talked about steem which has helped steem in terms of marketing.
• New people came to know about steem and the strength of our community and they decided to buy some steem.
• The community has been very active on twitter from the past few days and everyone has been tweeting, commenting and sharing the word about steem.
• Last but not least, KuCoin tweeted that they will list steem provided a few requirements are met. You know what happens when there is a nee listing on an exchange with good volume.

These are the reason which I think have helped steem to hold its price in this crypto bloodbath. Do you think there are some other reasons as well? Or if you disagree with any of the reasons listed, feel free to comment.

Download Brave and start earning BAT.