Steem Still Going Down
Today has not been a great day for crypto most in the top 100 of market cap are in red, but they are down from where they were yesterday when Bitcoin was up to about $11,700.00 so the downtrend is not that bad, the thing that worries me is that Steem never went up but it did follow the downtrend today.
It has gone down to 82 place and a price of about $0.206 cents which I think is the lowest it has been this year, and the way it is behaving I have very little doubts that Steem will fall below $0.20 soon. I have seen some people take the positive path and speak about now being the time to buy Steem because the price will never be so low again.
Unfortunately this has been said many times this year and it still continues going down, now the problem I see is what is going to make Steem's price go up? I mean Steem is really a cool coin it has so many alternative ways to enjoy yourself and leave your mark but nothing seems to revive it.
Communities? SMT? HF21? These are the hopes now, but except for HF21 which will soon be a reality the others are still in the maybe realm, they have been promised so many times it feels like the guy who yelled Wolf. So that only leaves HF21, and many of us think its impact will be negative, let's hope most of us are wrong.
But... you can see the downward momentum is slowing... so, perhaps we are near the bottom.
Maybe but what is worrying is that when BTC goes up Steem doesn't follow but when it goes down Steem goes down even faster, well we can only hope it does go up, because hope is all I can do I don't have any spare money to invest.
My personal theory is that cryptos are all tied together on downward swings, but work independently on upward swings. It's also good to remember that STEEM is inflationary while BTC is deflationary.