Steem Is Near All Time Low – But You Could Take Advantage
I know many Steemians get nervous if I mention Steem was an underperforming cryptocurrency in the last couple of months, or one year. But this has also a good side, it is cheap now – but not only in USD terms. Better look at the ETH/STEEM price, or consider exchanging Bitcoin.
Steem at discounted price
Las December Steem fell to 0.212920 by Coinmarketcap.com, that’s the 12 months low now. Today’s 0.428173 USD price is a little more than the double of that. Ether or Ethereum, how also many people call it, bottomed by 82.83 USD, also doubled since then. Why do I tell you Steem is cheap in Ether terms?
(Click the chart for higher resolution)
At the moment, STEEM/ETH price is 0.002568834 USD on Coingecko. Reversing it, that means that you get 389.3 STEEM for an Ether (not counting the fees or trading margins between buy/sell prices). In the last 365 days, the average amount of Steem you got for an Ether was only 308,60 Steem. Now you get appropriately 25 percent more. See the chart.
Bitcoin breakout
In the last 365 days, the maximum amount of Steem you got for an Ether was 553, the minimum, 127. Maybe that sounds not like winning the lottery, but if you have Ether and if you plan to invest in Steem, that is not a bad moment now. The price is relatively close to the 12-month lows. And the cryptocurrency market shows signs of revival since Bitcoin broke out over 5000 USD again.
The price of Steem appears to be even more “discounted” compared with Bitcoin. The Old Good Bitcoin, the crypto-gold fell less in the last 12-16 months than most altcoins or Steem, also less than Ether. Bitcoin has also approximately 3.8 percent of y/y inflation, but you don’t have any income unless you are a miner.
(Click the chart for higher resolution)
For one Bitcoin you get 12 220 Steem now, there were only two periods with higher amounts. One, from end of November 2018 to end of February 2018. The other, in the Spring of 2017 (as Steem fell to all time lows by 7 cents). So, if you ever reconsidered to exchange some Bitcoins to Steem, this may be a good moment.
Safe harbor and inflation hedge
I perceive Bitcoin some sort of safe harbor in the crypto-world, due the mechanism which makes almost impossible to hack the system (proof-of-work). Possibly, I will never sell all my bitcoins, but perhaps another portion if Steem gets even cheaper in Bitcoin terms.
Steem and Ether are both eyeing smart contracts, and are facing many competitors. (EOS, Tron, Neo, Lisk etc.). But both have strong sides, both have a lot of working dApps and are some years ahead of others. I, personally, prefer to have, “hodl” some Ether too, in smaller quantity.
Although Steem has a great advantage for us. With active blogging, curating (or vote selling), we have incomes which are compensating, I hope, the inflation in the system. (About inflation – supply growth – in Steem system and other altcoins I wrote recently here.)
While you are holding Bitcoin or Etherium, you can make 6.2% APY parking it in BlockFi, a Crypto bank of sorts, which earns a bit while you hodl.
Some don't. I do, with caution. Mostly. My mattress a lousy place to stash my pile. And bitcoins are so....lumpy.
I thought we don't trust banks...
I see no reason to trust banks anyway. down with greedy systems. OPENSOURCE FTW
Lisk i dont think has any dapps people use, EOS, TRON and ETH have extremely low traffic on any of their dapps.
The top 3 dapps on Eos, Tron and Eth combined get less then 1/3 traffic of Steemit.
Its basically all hype, bot bet transactions and uninformed investors that keep those 3 on top of the food-chain. It cant last.
Thank you.
I just bought some more steem today. Good opportunity at these low prices.
Steem is still in distribution phase and once more accounts HODL more % of the overall coins in circulation It will begin to do things. Until then it is just kinda moving along just to move along.
How long will be the distribution phase? I come back at the end, then
A few years, but I would not go away. Steem can not get distribution without you.
I always say now is the best time to invest in steem now that it is very low
I've been in and out of steemit the last few months, but the bitcoin surge got me excited once again. Was actually thinking about doing the reverse of what you were talking about, trading my steem for bitcoin. It just seems that the crypto tides rise and fall with bitcoin, and when I sell my steem/sbd I convert to bitcoin to obtain fiat anyway. I'm not that well versed in crypto, but any thoughts on trading steem for bitcoin? let me know, thanks.
It has explanations like the smaller liquidity (or trading volume) in the market of altcoins. Or, that many people are searching for the next big thing, big bang, a new altcoin to take over the 1st place from Bitcoin, or at least the 2nd place from Ether.
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Steem is my darling bag. I'm confident it will come back strong in the next bull run, but I do't care how long it takes! In the long term, tried and true platforms will get the most benefit when mass adoption comes.