Is this a good time to buy Steem and SCOTs?
Over the last couple of days, I've been reading a lot of commentary from Bitcoin maximalists that there will not be another altcoin season, altcoins are dead, blah blah blah. And many altcoin holders are panicking and getting into Bitcoin. This is usually the time I think of buying more.
Another thing is that this morning we saw something interesting. Over the past few weeks, we've generally seen when Bitcoin pumps, altcoins drop, but when Bitcoin retraces, altcoins recover. But today, with the drop in Bitcoin price, altcoins generally also dropped. What does this mean? I don't really know. But I like the fact that there's something different this time, and not the same inverse correlation between Bitcoin and altcoins. This drop also brought Steem to a low we haven't seen for a while, hitting around $0.27.
Time to buy Steem?
With all of the above, to me I am buying more Steem, and ready if Steem drops further. We never know when the tide will turn, and when it does, we know what Steem can do. And by that time, we may have missed the boat.
Steem is also a good investment in my opinion, as we get a pretty good ROI from powering up the Steem and delegating it, or putting it into one of the numerous SCOT projects such as Steemleo or SportsTalk. I'm very bullish on both Steemleo and SportsTalk, and hoping to stake more LEO and SPORTS.
So, with an investment into Steem, there are a lot of options. Even if the price remains around these levels, over time it will return a pretty good ROI.
So what do you think about the state of the crypto markets? Would love to hear your strategy in the comments below.
Binance, the best exchange to buy and sell Steem and other cryptocurrencies
Register on CoinSpot, an Australian cryptocurrency exchange and Receive $10 worth of Bitcoin when you make your first AUD deposit. To receive the free $10, you can deposit any amount, as little as $1. You can also purchase directly from a range of cryptocurrencies including Steem and EOS.
I strongly believe this is the right time to invest in steem
If I had some spare money I would buy some more steem as this could get interesting.
Bitcoin is usually the first mover before others follow. In 2017, I remember selling Steem at a give away price of 15 cents, while a whale purchased 500,000 Steem. In less than a year, Steem went above $1. I agree with you. It's truly time to buy more Steem.
I have no idea to be honest.I have given up trying to second guess the markets! I think Steem (and its alts) are a good token to hold because of their incredible utilization but I see the strength in the big guns of the crypto world, they have a good foothold and are gaining reputation.
I think generally, as in FIAT investments, spreading the risk is key and hold a few of the risky shitcoins....just in case ;-)
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I'll give you the short answer.
YES!