Steem is showing some strength, in fact over all, cryptocurrency market is showing some some strength. BTC is steady and slowly moving upward to $10K. As a result, major alts such as BTH, LTC, EOS have seen tremendous growth in last couple of weeks.
Steem recently got back to 21 cents where it was before when it also get pumped. But after reaching 22 cents, it slowly fall back to 15-17 cents zone. Now the question is can Steem find a floor at 20-25 cents similar to previous floor of 10-15 cents? It means that Steem's floor is uplifted by 66-100%. Now the question is will it hold?
If BTC keeps moving up, it may hold.
But Steem is struggling move it rank above 70 in the CoinMarketCap and also well shy of magic $100M marketcap. Hopefully, the official release of SMT may push it to beyond 70 or even 50 rank and $100M marketcap.
After SMT, I hope STINC and community leaders will push marketing to preach Steem's capacity: SMT, NFT, tribes, community, scalability, fastness, security and memorable naming to the larger crypto community and masses. Aggressive marketing is very important. Though there more than dozens of forks of BTC and BTC's copycat PoW coins, only few of them are occupying top 50 such as BTC, BSV, BTG, LTC and DOGE. The success of these coins are based on previous huge media attention that they got. As a result, they are added as many as hundreds of exchanges and got necessary volume for higher marketcap.
Though Steem started as a big project just behind BTC and ETH, it kept drowning due to many missteps as low as rank 91. There was a serious fear that it would be ranked out of 100.
However, with respect to developments and use-cases, Steem could top 20 or even top 10 coins. It is not exaggeration since neutral Chinese CCID and WEIS rating always put Steem in top 10-20 coins some cases above EOS. Very recently, it had A rating in FCAS used by CMC.
However, Steem is getting its charm back with success EIP in HF21, release of SMT testnet and twitter effort. However, it has to be more wildly marketed to claim its correct position among the crypto heavyweights.
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions. This opinion is only for educational purpose.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
Cryptominer , occasional trader and tech blogger since 2013
Posted via Steemleo