Cryptocurrency Market Update

On the road again this week and the end of the day comes with wining and dining waiting for me. However, it is important to remain consistent with my streak of posting every day for my followers and those who are looking for accounts to follow. The start of 2019 has been interesting as there seems to be a return to risk scenario coming to financial markets. After a scary fourth quarter in 2018 were markets for stocks were down substantially, the rebound since has seen a strong January despite the continue uncertainties seen in the investor community. The trade war as well as the longest government shutdown on record continue to be at the top of investors thoughts as some analysts have been warning on their impacts to both earnings and the economy. However, stocks have traded higher and seems to have brought the cryptocurrency market with it as prices have continued to stabilize and actually strengthen in some pockets.

Litecoin has recently garnered plenty of attention as they continue to forge forward on updating the protocol to enable solutions that will attract more users and increase adoption. They have always proven to be a pioneer in implementing great technology that enables the blockchain to scale and provide for solutions of its users. They have a strong community and a foundation that is supporting those efforts. we also can’t forget about the genius creator of the coin, Charlie Lee which sold at a all time high his holdings before the bear market started. Despite these actions he has remain true to his word to concentrate on the protocol and focus on adoption for the project. Full disclosure: I own Litecoin.

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It has been great to see that news from other coins and projects are starting to have an effect on the overall market. Previously, only news and comments related to bitcoin and sometimes Ethereum wouldn’t have the ability to move markets like it recently did. I believe this could signal that the market is ready to turn and support those projects who deliver on their roadmap to increase adoption over time. And while I may seem like a broken record from my previous updates, it will also begin the decoupling of the performance of assets in the market. The movement of many assets to the upside while bitcoin itself remains relatively flat flat is encouraging as a signal of better times to come in my opinion.

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We have seen BNB, Halo, NEO and other perform quite well this year while the market as a whole is down slightly year to date. However, bitcoin dominance remains above 50%. I think this is a clear signal that the capitulation of weak and failing assets is finally occurring. This will ultimately lead to a more serious group of participants only willing to pay for performing projects. The question is if we know what to look for in these. I have been trying to learn more detail about the underlying technology to help me understand projects as they develop. While it is not always visible, communities can remain active despite challenges.

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The big question for us here is whether Steem will be included in those assets attractive due to performance. Like many others, Steem has suffered from the bear market. This has led as we all remember to not only price decreases but significant stakeholders leaving and putting more pressure on the ecosystem to engage actively. The participants in our ecosystem itself have consolidated to be much less than it was a year ago including Steemit Inc. However, after the news of these desperate measures to remain afloat, the community has come together to provide solutions to make the protocol more sustainable over the long-term. This itself, I believe, has created value to the ecosystem. We are starting to see more organization and plans to develop forward.

While development is still limited, it is now focused on the areas that can provide more value in the short term to achieve these goals. In addition, developers and communities have started to take out their own actions to add value to the ecosystem. @blocktrades with their Worker Proposal System as well as Steem Engine are a few that I will not get into given all the discussion taking place surrounding these initiatives. Therefore, I believe that Steem will be one of those assets that should outperform the market and lead it higher over the coming months. The fact is that Steem is so much more than it was when I first started a little over a year ago and even more than those who started before. I continue to be encouraged by the direction we are seeing in the strength of our community to make this work.

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