All-Time Lows in Ether and Bitcoin Terms
Sometimes I exchange Ether (or Ethereum) for Bitcoin, Steem, Hive, or other cryptos. On other occasions, the opposite way. At some point last year, I was happy as the Ether/Steem price reached 1,000. That meant I could buy over 1,000 Steem with only one Ether token. Now I realize the price surged to new all-time highs.
For an Ether, you get approximately 2,000 Steem, or 2,000 Hive today. (See Chart 1.) And you can have almost 60,000 of any of them if you exchange one Bitcoin. I think this is also a new all-time top. Would be enough to grow to an “orca” instantly.
Chart 1: Steem/Ether, Hive/Ether (HiveBTC/ETHBTC), Steem/BTC (Tradingview.com)
1:1, We Reached Parity
The other news is, Hive, which was mostly higher in USD terms than Steem in the past, sank to the same price level. One Steem=One Hive, 1:1 on the market at the moment of writing. (By 0.174 USD, stand Sunday midday.) Also called parity. Now seems to be a good moment to buy some more Steem, Hive or both, if you have Ether, or Bitcoin, on these historic price lows. However, in USD terms, the all-time lows are far away.
Because all-time lows are:
- Steem: $0.069192 USD (March 10, 2017). Place 127 today on Coinmarketcap.com.
- Hive: $0.086943 USD (April 06, 2020). Rank 141 now on Coinmarketcap.
Is This the Dollar’s Last Breath?
It is interesting in the last months how gold, Steem, and Hive are moving together. And in the opposite direction than the US dollar. If the dollar falls, gold and cryptos are up. In the last days, the dollar reversed direction, bouncing back from 1.2 compared to the euro. (The euro/dollar touched this level but turned back to 1.18, approximately.) The turnback in the cryptocurrency market came two days later. (Chart 2.)
Chart 2: Steem/Ether, Gold and the USD index (DXY) (Tradingview.com)
Missing Defi Mania
Another sad fact. Steem and Hive were underperforming most other cryptos this year (too). These two important investments I have didn’t take part in the “defi-mania”. This market movement touched, in the first line, some special defi-tokens, but also Ether. The second most important crypto exploded this summer, surging to $480 from $240 in six weeks. Steem and Hive did not.
In the last three months, even after the correction of the last days, Ether is 45 percent up. The Fundstrat Crypto Platform Index “FSTOKPLT” jumped 88 percent. But Hive fell 30, Steem 20 percent. (Chart 3.)
Chart 3: Steem/USD, Hive/USD, ETH/USD prices and the Fundstrat Crypto Platform Index FSTOKPLT (Tradingview.com)
Conclusion?
I’m asking myself if I should risk some more Steem and Hive buying. Because I’m not very active on the two platforms in the last couple of months. And if you have more Steem power and Hive power, you receive more attention from others, and also more upvotes. Writing and staking have “synergies”. It is worth to make both together.
Contemplating the low prices, perhaps, all the forks, divisions, separations, flag wars, etc. in the Steem and Hive realms in the last 12 months, weren’t so good ideas. Maybe I should buy again only by 3,000 Steem/ETH and Hive/ETH prices… Or on new all-time lows in USD terms.
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(Picture: Own work.)