All-Time Lows in Ether and Bitcoin Terms
Sometimes I exchange Ether (or Ethereum) for Bitcoin, Steem, Hive, or other cryptos. On other occasions, the opposite way. At some point last year, I was happy as the Ether/Steem price reached 1,000. That meant I could buy over 1,000 Steem with only one Ether token. Now I realize the price surged to new all-time highs.
For an Ether, you get approximately 2,000 Steem, or 2,000 Hive today. (See Chart 1.) And you can have almost 60,000 of any of them if you exchange one Bitcoin. I think this is also a new all-time top. Would be enough to grow to an “orca” instantly.
Chart 1: Steem/Ether, Hive/Ether (HiveBTC/ETHBTC), Steem/BTC (Tradingview.com)
1:1, We Reached Parity
The other news is, Hive, which was mostly higher in USD terms than Steem in the past, sank to the same price level. One Steem=One Hive, 1:1 on the market at the moment of writing. (By 0.174 USD, stand Sunday midday.) Also called parity. Now seems to be a good moment to buy some more Steem, Hive or both, if you have Ether, or Bitcoin, on these historic price lows. However, in USD terms, the all-time lows are far away.
Because all-time lows are:
- Steem: $0.069192 USD (March 10, 2017). Place 127 today on Coinmarketcap.com.
- Hive: $0.086943 USD (April 06, 2020). Rank 141 now on Coinmarketcap.
Is This the Dollar’s Last Breath?
It is interesting in the last months how gold, Steem, and Hive are moving together. And in the opposite direction than the US dollar. If the dollar falls, gold and cryptos are up. In the last days, the dollar reversed direction, bouncing back from 1.2 compared to the euro. (The euro/dollar touched this level but turned back to 1.18, approximately.) The turnback in the cryptocurrency market came two days later. (Chart 2.)
Chart 2: Steem/Ether, Gold and the USD index (DXY) (Tradingview.com)
Missing Defi Mania
Another sad fact. Steem and Hive were underperforming most other cryptos this year (too). These two important investments I have didn’t take part in the “defi-mania”. This market movement touched, in the first line, some special defi-tokens, but also Ether. The second most important crypto exploded this summer, surging to $480 from $240 in six weeks. Steem and Hive did not.
In the last three months, even after the correction of the last days, Ether is 45 percent up. The Fundstrat Crypto Platform Index “FSTOKPLT” jumped 88 percent. But Hive fell 30, Steem 20 percent. (Chart 3.)
Chart 3: Steem/USD, Hive/USD, ETH/USD prices and the Fundstrat Crypto Platform Index FSTOKPLT (Tradingview.com)
Conclusion?
I’m asking myself if I should risk some more Steem and Hive buying. Because I’m not very active on the two platforms in the last couple of months. And if you have more Steem power and Hive power, you receive more attention from others, and also more upvotes. Writing and staking have “synergies”. It is worth to make both together.
Contemplating the low prices, perhaps, all the forks, divisions, separations, flag wars, etc. in the Steem and Hive realms in the last 12 months, weren’t so good ideas. Maybe I should buy again only by 3,000 Steem/ETH and Hive/ETH prices… Or on new all-time lows in USD terms.
This post appeared first on Steemit.com and Hive.blog. But my main blog is Agelessfinance.com.
You can also follow me on Twitter, Telegram, Facebook, Steem, Hive, and Mastodon.
(Picture: Own work.)
A lot of people have placed a red flag on steem and hive regarding them to penny cryptocurrencies just like they refer to a lot of stocks as penny stocks. For parity, i did not expect this to last for long and truly it didn't. Steem is working on getting things together so it can have a strong community, hive has enough people willing to buy tokens just to compete with steem and show they are better off compared to steem.
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Although, "penny prices" may, indeed, have a psychological effect, I don't think it was strong. See Cardano or Tron on places 13 and 14 on Coinmarketcap.
Maybe whales and other larger investors are the key. But I miss the interest of the crowd, the mass adoption. No sign of it.
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Hi @deathcross
Possibly so many divisions and attacks from side to side have hurt their prices, keeping some potential investors out of that game, out of that war.
Steem's historic low is certainly far away, I hope it will stay far away in reality.
I wanted to tell you that your mana is quite low, I have noticed that it has reached 64%, that takes away from the power of your vote, and obviously minimizes the benefit to those who vote and also diminishes the curatorship. Perhaps, as a recommendation, it would be good to put a minimum of 70-80, so that it doesn't go down so much and you continue to receive good benefit.
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Hi, I modified voting limit to 72 percent. Thanks for the advice.
I don't want reach "mana-overflow" either.
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Indeed, Hive and Steem are facing very bad time now. When I see the price of steem now, I remember that price of $3 + of Steem. When 60 Steem was worth. You should believe, I used to withdraw 15 Steem, and then use that money full month :p. I didn't knew clearly about Dollar, it's falling disadvantages and else. But your post given me valuable information and knowledge.
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Dollar price may be only one of the factors.
Thank you.
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Greetings friend great analysis thank you for sharing it, hopefully it does not reach the historical minimum would be unfortunate.
See you later !
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Thank you.
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Well I just hope that the situation and e best price and statistics affirms that it will be so, the longer it remains and the lower the price, the more likely it will rise and drastically
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A turnaround is possible at these levels. My problem is, I don't see why the masses should buy Steem or Hive. The system is very complicated for beginners, new bloggers. Rewards for newbies are very low. Etc.
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indeed steem and hive are facing a tuff time right now ..i hope this turns around
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In the last 27 months, since I'm here, it didn't.
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Dear @deathcross
Finally I've found some time to catch up and read few previously bookmarked posts. Interesting choice of topic.
I've noticed that whenever price of Hive and steem is dropping - then we can get more of those tokens for each received SBD/HBD.
So perhaps current times are not best for those who want to dump their earned tokens, but it seem to be a great time for those who are growing their accounts.
I seriously do not think so. US can print as much as they want and keep exporting their inflation. As long as demand for oil exist.
After all, pretty much every nation around the world need to use USD to do those transactions and pay for purchased oil. Which allows USD to stay firm as a reserve currency.
Current mass printing will cause problems, however I think we need to be afraid of another recession. Not current one. This time around FED and other central banks will flood financial markets, perhaps creating inflation and lowering value of USD. But we're still far from collapse of USD. After all - there is no other currency which could become new world reserve currency.
Not to mention that US had entire generation to build world economy based on USD debt. This debt alone (approx 12 trillion) will ensure existance of solid demand for upcoming years to come.
That's just my view on this topic.
Have a great day buddy,
Piotr
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I don't think it either. But serious inflation may be on the way, in a couple of years. Like in the 70s and 80s, two-digit ones. This is a common way to deal with hight debt.
Commodities (not only metals), some cryptocurrencies, but also stocks and real estate can benefit.
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Interesting article, the behavior of the cryptographic world is complex because there are many variables and reasons to analyze, we have seen how in recent months both the Hive and the Steem have the same behavior, a little up and down, many think that both could go down even more but this is difficult to predict, hopefully so many disputes between both blocks stop and allow the value of these crypts increase.
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By other investments, too
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