Why Steem price doesn't follow other Altcoins!
From almost 14000 satoshi to 4000 satoshi during BTC's breakout
Steem price is quite steady right now in USD terms, but who counts in USD? It is the value in Bitcoin that matters. And there we have lost a whopping 70 % since March 10th. At that time Steem's value was 13804 satoshi and just over 0.54 USD. Imagine Steem being worth 13800 satoshi right now? That would be around 1 USD!
So, why has this happened? Not because of the fact that the Steem blockchain isn't improving, because it is! But solely to the fact, that one particular account that has the biggest amount of the Steem vested, powered down immensely and flooded the sell side of the market with Steem.
You know which account I am talking about. You can see in the chart here, how much they powered down over the last 3 months. That is the reason, why Steem is tanking!
It sucks big time, but there is an upside to it, first of all, the less SP they have, the less influence they have on the blockchain, and the less they can power down in the future. And luckily, the power down has stopped for now. So that means, way less Steem to flood the markets, so this will eventually make Steem rise again in BTC-terms.
Sincerely,
Pele23
I'm glad you see the upside because that is how I see it, they are making it cheaper for those who want it and so making the rewards more fair by spreading the wealth @pele23
well well, hm, every week 3 million steem!!!!
Well just the first weeks, then it was only a million a month... Deep sigh!