I really hate to be the guy, but I have to. I was looking around what people are saying about Steem on Reddit. Looks like a lot of them are expecting and speculating on the original SMTs launch date. They have no idea it's been postponed. Taking this into account it's probably just a pump and dump scenario, we'll be back to top 50 soon enough. I don't want it to be true ofc, but looks like that's the case.
Certainly possible, but Steem hovered in the range of #27 to #32 for a very very long time.
It was around those numbers almost the entire time I've been here (Dec 2017).
Then Steemit Inc went and fired 70% of their employees and all that and we hit the 50's.
Since then Steemit Inc has shown that they aren't dead,
and the community has shown that they can survive without Steemit Inc.
We are making fundamental gains, so there's a good chance we even surpass #27.
Seriously, what are the other projects doing? Not much.
I totally agree that the fundamentals are stronger than ever, it's just that the market doesn't act like they matter at all. Steemit Inc lets 70% of non-critical staff go and lands in the top 50. NEM announces they'll be bankrupt in a month and stays in the top 20, there's no logic behind any of this stuff. It should be the other way around.
Steem should be up there with its competitors like Ethereum, EOS and Tron. I mean its dapps usage is on par with EOS atm and surpassing the others like there's no competition. Yet compared to them, it's valued like a total shitcoin.
Most of my time here Steem has been around $1 something, I would love to see it again. This pump just seems to set up for a dump again though, it doesn't feel natural. But what do I know, I can't see the future, I'd be very happy indeed if I'm proven to be wrong. :)
My prediction is that Bitcoin will be $6400 end of year and Steem will be 80 cents. Fingers crossed.
Forgot to mention:
Now that SBD is back at $1 a lot less inflation is being created. This was suppressing the liquidity in a big way.