Intense drops in price for Bitcoin, Bitcoin Cash and EOS will have left some with gloomy faces today - but Steem held it's own and it is likely that we will see some of the drop being countered by rises today, with opportunity to buy at relatively low prices being irresistible to many.
I recently wrote on how Bitcoin was possibly due for a rapid drop following a more mainstream exposure of it's failings in both a technical sense and apparently also in the plan for it's destiny and personally sold my Bitcoin and exchanged for Bitcoin cash. Very shortly after that Bitcoin started to plummet and Bitcoin Cash went on the rise. Unfortunately for me, a few hours later, Coinbase - one of the largest crypto exchanges, ran into either a major error in it's new launch of support for Bitcoin Cash or possibly got caught up in insider-trading or worse. The price of Bitcoin Cash doubled on their exchange unexpectedly, leaving them forced to stop trading it - this, combined with the drop in price of Bitcoin appears to have made many panic sell their Bitcoin Cash, meaning that my well timed transition turned into significant losses anyway.
- Bitcoin dropped from around $20,000USD to $13,000USD in 5 days.
- Bitcoin Cash rocketed up to $4000USD, only to then drop back to $2300USD the next day.
Amazingly, EOS - The new system/token from the creator of Steem/Steemit Dan Larimer took a massive nosedive in the early hours (GMT).
- EOS fell from around $9 to $3, only to then quickly return back to $8+ - giving a few well timed buyers an immediate profit of almost 200%!
While this turbulence on the high seas of crypto has continued all around, Steem has mostly, just like it's H2O equivalent in the world of physics, risen above the rest to resist the huge drops, only being hit by around a 20% drop from it's recent high in the last few days.
- Steem currently sits at a relative high of around $2.79
Dash also took a big hit from a fast high of around $1500, dropping down to around $900 - now sitting on around $1100.
Outcome?
This is not financial advice and I am not a financial adviser.
In my opinion, EOS and Steem will continue to ride high and this recent price issue was only a temporary glitch for them. The reason is that they are technically superior solution as compared to Bitcoin and other coins. I used Dash to transfer some value yesterday for the first time and it too, like Bitcoin, was subject to a long delay, which in this case cost me dearly due to the price dropping during the transaction. Steem and EOS are far faster and so as a method of exchange are vastly superior to most alternatives - it just seems that this has not fully been understood by many of those outside of the tech industry yet.
As for Bitcoin, it could go anywhere - but I personally (after listening to the recent interview with one of the Core developers for Bitcoin cash) would like to think that Bitcoin Cash will thrive, while Bitcoin Core will not. The list of reasons for this are quite long and complex, but you can check out my recent post on that here.
Wishing you well,
Ura Soul
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