If you don't follow the cryptomarket I'll give you a little update on what's been happening the past couple of days. It's been sinking like the Titanic! Today it's gone as low as 88.5 billion USD down from it's 114.5 billion USD it was at around 72 hours ago. That's nearly 10 billion dollars per day! Most are hoping that drop is over, but every time it seems like we're almost out of the woods there is another big selloff and the market drops even further.
As you can see from the coin market cap total market capitalization below showing the 1 week trend the market has tried to correct three times, but has continued to drop every time with the overall trend being negative. This means the crypto market is quite possibly is either entering or already in a bear market. So what we should continue to see is people will continue to sell off coins for a profit until they get to a certain price that is attractive to buyers. Then once the coins get back up to a certain point people will start selling coins again at a loss (or trying to pick the top for a small profit) until once again there are more people looking to sell then there are to buy and the market will once again crash.
From the little research I've done this is a very healthy correction for any market after the massive amount of gains we've seen since the beginning of the year.
What does this mean for Steem? Well from what I can tell Steem has been effected very little by this market correction. It has dipped all the way to around 60,000 satoshi yesterday and 65,000 satoshi today, but has finished every day in June so far either at or just below 75,000 satoshi. There aren't many highly traded coins that can make this claim over the past two days considering the amount of money the has left the cryptoworld. Steem does have a new support level of 60,000 satoshi, but this is even up from the support level of the beginning of June for 50,000 Satoshi. Those who are holding Steem for the long term rejoice. The coin maybe one of the few coins independent to the effects of bitcoin.
Next up is SteemDollars (SBD). This coin hit it's all time low a few days ago of around 50,000 satoshi before it begain to shoot for the moon. It started the month off at what apperaed to be a pretty strong resistant level of 65,000 satoshi until the 19th of June where it has formed its new resistant level. I've decided to buy some SBD as this may be a good hedge against the bitcoin price drop that may continue for next couple of weeks/months. I'll provide an update as Bitcoin continues to go down or goes back up at how this experiment goes. Just to point out as well SBD appears to be very cheap right now as it had a support of 85,000 back in mid May.
I'm interested to know your thoughts on what's going to happen to the steem/cryptoworld coming up over the next couple of months?
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