Steem at $6, it's time to celebrate! What is next?

What a great way to start the year with an all-time high in the price of Steem! All the money that was waiting until the first day of the year to invest, has decided that the Steem currency was the place to do it. This is important because this really is just the initial rounds for Steem going forward because Smart Media Tokens have not been launched yet.

What happens when SMT's launch?

We should expect higher prices once SMT's are launched. Then there comes the rounds and phases of projects implemented using SMT's, this is like the later rounds of price appreciation we should see from the SMT event.

In other words, unless you absolutely had to, I do not see any reason for selling Steem at $6.

Whale Selling Pressure?

With Steem, since it is a used currency, we have to consider whether whales are going to do a period of unloading at some point. What this does is it causes stalls in the Steem market, slowing down how fast Steem increases in price. With other cryptos (because they are not actively used), often the whale capital gets locked up to the point we see a faster appreciation in price. With Steem, I believe there is a wide swath of whale capital in general users hands, so this means more capital is available to sell to keep the pressure on price.

This all said, whale capital being sold, should not be able to detriment price significantly into Q1 and Q2 2018, because we're likely to garner interest from outside capital with SMT's hitting. Meaning if whales want to mega-dump, there's apt to be buyers.