Will STEEM be ever decoupled from Bitcoin? Part#2- STEEM's floor price of $10 at BTC $6.5K!
In top witness @timcliff's recent blog- "What needs to happen to reach $10 STEEM in 2018?", one of the replies was that if BTC hits $50K, STEEM can easily be $10. Ironically it is pretty much the truth. If BTC hits $50K, STEEM will be easily not only $10, but also $20. On the other hand, if BTC touch a low of $5K, STEEM may reach $1 too.
Therefore, it looks like that even if all the suggestions on this blog is implemented swiftly, with this severe bear trend STEEM can't reach $10, or is it?
Think from another perspective, that STEEM have major upgrades from all the suggestions. It drives STEEM price and now STEEM ranks top 12 coins at this very red moment (BTC at $6.5K), STEEM has risen to $10.
It is quite obvious that a single upgrade of SMT can take over STEEM 10 more ranks, in the CoinMarketMap.
Therefore, the goal is to work as a community to improve the brand of STEEM whatever of the direction BTC goes.
Though a severe bear trend can delay everything, how about STEEM having a floor of $10 at BTC $6.5K. I think @timcliff actually meant it- rising the floor for STEEM at $10. Then at $50K BTC, STEEM may reach $50 but STEEM floor will be always $10 at the lowest price of BTC (say, $6K).
I personally believe that if all the upgrades promised by STINC: velocity HF, hivemind (i.e. community), SMT are released in 2018, STEEM will reach the floor of rank 15-25. It means that STEEM will not go below 25 ranks and occasionally reach upper rank of 15. If SMTs even reach a good fraction of ICO markets, then STEEM can easily reach top 10 ranks.
Therefore, though STEEM's price is heavily linked to BTC, its improvement through developments and community contributions can make a floor price for STEEM at $10.
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.
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
STEEM has really created a flexible and scalable ecosystem that can continue to innovate to bring the worlds of social media and blockchain closer together so the potential is enormous. Unfortunately, the total crypto market has become very correlated to each other as most projects are still under development and those few will working protocols have not seen the adoption needed to support valuations. However, as STEEM continues to distinguish itself with improvements and adoption, it should begin to decouple and outperform most of crypto assets available.
I want to buy into a good coin, but I've got half of my money in steem on binance and it's really low, and although it may go back up eventually with bitcoin there are other coins that do better, like IOStoken. So I'm not sure about buying more steem coins for now
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