Everybody is talking about upcoming Consensus conference and cryptopump, let us see what happened to STEEM and BTC, this time around last year.

in #steem6 years ago (edited)

Everybody is talking about upcoming Crypto-pump due to cryptocurrency's biggest conference Consensus in New York City. One thing is that in investing future does not always follow past. Though the crypto-pump is likely to happen but not a guaranteed scenario. However, let us analyze what happened to STEEM last year June, 2017

STEEM pumped to peak of $2.8 (ATH for 2017) but Bitcoin was only $2901. If you look at STEEM/BTC of 0.000915, it was three times of current ratio of 0.00035. At the ratio of 0.0009, STEEM would be priced at $7.2. However, STEEM is lagging a big way from Bitcoin.

If we consider the time then, investors were confused on upcoming forks. Most of the altcoins rose against BTC due to that doubt. BTC's transaction fees and delays were going towards roof. Overall BTC market share dropped significantly.

STEEM-BTC_ratio_June2017.jpg

However, all the forks BCH, BTG, BTD and numerous others were all successful. All forks put extra free money on BTC holders. Moreover, due to introduction of lightning network, segwit and other optimization, BTC's fee and transaction time came back to normal. BTC gained some market share back.

Therefore, it is understandable that STEEM/BTC ratio dropped significantly and 2017's peak price of $2.8 is usually the average support price these days.

These days, STEEM is at $3 and BTC is around $8500. If we consider all the BTC forks, then one BTC would be around BTC+BCH+BTG+others= $12000. Therefore, STEEM is tremendously lagging BTC. There is no major upgrades for BTC ahead, but for STEEM, hivemind and SMT is supposed to be big news. Therefore, STEEM will provably recover and may see its all time high ratio against BTC on that time.

If Velocity hardfork along with Hivemind is released between May and June. It may co-incident with the conference base price rise. However, without those updates, STEEM price may follow common market pattern. We may look for 0.0006 BTC resistance level from January's ATH price of STEEM.

It is understood that SMT release will take place Q3 (too optimistic) or Q4 (optimistic). Therefore, if next bull month cycle time with SMT release in November or December, we may see STEEM will break all time high of $8.5 on that time.

However, STEEM is currently undervalued against Bitcoin. It is little bit justified since bigger updates yet to be released. However, STEEM has tendency to suddenly break the trap and touch rank 24-26. However, due to constant sell pressure, it cannot sustain that rank and price.

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

Steemit-engine-ccn.png

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger

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Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BCHBitcoin Cash1375.380$-4.79%-16.06%
BTCBitcoin8413.270$-0.75%-9.99%
BTGBitcoin Gold56.379$-0.76%-23.25%
SMTSmartMesh0.073$-3.34%-7.56%
STEEMSteem3.063$4.06%-12.87%

@therealwolf 's created platform smartsteem scammed my post this morning (mothersday) that was supposed to be for an Abused Childrens Charity. Dude literally stole from abused children that don't have mothers ... on mothersday.

https://steemit.com/steemit/@prometheusrisen/beware-of-smartsteem-scam

We are eagerly waiting for that upbreak. Hope this will not disappoint us. Good luck to all stemians.

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