Reminiscing on the days when Steem was ranked #3 blockchain project in the world

Today I found myself reminiscing on the days when Steem buzz was in the air and the prospects of this project were on the minds of so many. I ask myself the question what has gone wrong in a year and 8 months that this promising project now find itself with a CoinMarketCap rank of #51 and struggling to meet monthly expenses. Given my time on the Steem blockchain I can't point out development of the protocol and infrastructure as the problem as it has made numerous gains when compared to others projects, in fact, it is one of the few scalable project with a global user base. What has gone wrong for Steem that it continues to lose ground and fall further down the ranking? The answer to this question is probably what's needed to be address if Steem is to revive itself and make strides needed to take it to the next level. According to https://coinmarketbook.cc/, a site that tracks 'Buy Support' of cryptocurrency on various exchange, Steem Buy support is currently USD $191,046 across ten (10) markets including the likes of Binance, Bithumb, Bittrex,Huobi-Pro, etc. Eliminating Bithumb from the analyzed markets because wallet has been under maintenance, Steem buy support only stands at USD $96,264.00. One may ask what does this data mean, and how can it be interpreted? Simply put, Buy Support analytics determine if price would HOLD providing that sell order does not exceed that amount and in the case of Steem it stands at USD $191,046. A healthy sign for any market is an increase in Buy support that usually follows with a rise in price.

Looking back at Steem progress, I believe Steem development has made several positive strides but the team has neglected the cries of traders or better put ignore the token metrics side of the project probably with the view that it is a great project and would continue to attract investment. Steem is still far from the point of capitulation but I expect the frustration of those who bought in at USD 2.00 - 3.00 to rise. We also have to take into account, the blockchain does not have typical business generating income where there is a need to buy Steem but those who may choose to buy to power up to support a given content creator. Nonetheless, I am still very positive on the outlook of Steem, the blockchain has the tool to turn this tide positive and lift prices again BUT creative thinking and ruthless use of blockchain tools like SBD can help achieve some of its objectives. I believe Steem would rise out of this period stronger and users need to understand we are in a Bear market, if Bitcoin isn't doing well, the entire market would suffer.