I had some beeping noises going off last night around 3-4am.
My portfolio app gives alerts when cryptos break certain levels (BTC 10k) and I forgot I set this one.
It was a nice surprise to see it shoot up like that even though now, in the morning, it already came down to $9200.
STEEM, however, is a different story.
I did go up a little bit in dollar value but sadly we have created another all-time low vs BTC.
I don't always find that easy to deal with. That constant downward pressure but I have to accept it.
There is still only one King in the crypto space and that is Bitcoin.
This is the full chart of STEEM vs BTC.
Of all the charts I keep an eye on this is probably the craziest.
It's almost impossible to capture it in one screen.
I have lived through almost every moment on that chart.
It's been one hell of a roller coaster ride with Extreme Highs of euphoria and Depressive lows.
There is not anything in life I can compare it to really and I find it unsurprising that people just break under the pressure and the feelings that come with it. (I have had my moments)
In hindsight, it's pretty easy to conclude that the best action for everyone earning/holding STEEM was to sell it straight to Bitcoin.
Which I do find tough to accept but it is the truth considering we are now lower than we ever been.
It does make you wonder where the bottom is? 1000 sats? 500 sats? who knows.
On the other hand. STEEM can do crazy things too when it wants too.
And, haha, there sure is enough room for some upside potential on that chart too.
I remember in March 2017 this place was desolate. Nothing like it is now, I mean proper desolate.
And then out of nowhere, it shot up from 6000 sats to 100000 stats in 3 months.
It was the craziest thing I ever have seen, and I was ill-prepared.
I didn't take advantage of the opportunity and let it slip through my fingers.
The second time STEEM went crazy was in December 2017/January 2018 and I was much better prepared and took my fair bit of profit.
This time around, if it ever will happen again for STEEM I am afraid a lot more people will be prepared for it and the selling pressure will be enormous.
It will need a lot of buying to offset that.
I do wonder sometimes who that buyer will be besides a speculative market (hope).
The real use case for STEEM that I can see now is that it provides RC's to use the network.
In other words, anyone that wants to do anything on Steem needs RC's.
It's a very good use case for STEEM but it needs a lot of businesses, communities, and companies that see enough value in utilizing a blockchain with an SMT for them to buy it/lease it.
When that happens things can go really fast, so I stay invested (I also happen to love this place for what it is now, but that's bad investment advice...)
So until that happens I'm expecting more downward pressure unless pure market speculation does things otherwise.