STEEM update
Needless to say the Steem price has been very disappointing given the strong push in the price of Bitcoin. I am tracking this diagonal that fits within the long term view I've posted here for a long time. However, this is seen through rosey eyed classes and is not the most bullish of patterns. I now only hold enough STEEM to be active on Steemit, but nothing more.
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Looks like steem does not follow BTC anymore.
I think that when BTC will reach 65% dominance only then alts will follow.
Thats what happened in the last bull run.
It's way too early to draw that conclusion.
what about now ? lol
The pull of BTC on STEEM has been on par of the pull of BTC on Ripple. Ripple has gone up by a factor of about 1.6 only since the December 2018 lows. STEEM has gone up by a factor of 1.7.
In terms of price action STEEM has always been something of a laggard compared to BTC. STEEM remained in a rut also in the autumn of 2017 while BTC and the other leading cryptos were surging - until SBD exploded in November, followed by STEEM in late December. Also, STEEM plummeted to its all-time-low in March 2017 while BTC had already started moving upwards. STEEM's got a life of its own.
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