It's easy to get in a bit of a flat spin when you look at the prices of cryptos over the last week or so, but don't forget to take a step back and have a look at where things were a few months ago.
Sure we're dealing with a lot of FUD all over the place, and BTC has taken a bit of a pounding, dragging a whole lot of altcoins with it. If you were late getting into the game, and invested in the boom times, well... Eish!! HODL tight!! If you look at the short term, you'll be having a heart attack three times a day! Don't panic... you'll just have to wait a bit longer to recoup your losses. You only lose when you sell out.
STEEM is a whole different story. You earn it by blogging, commenting and getting upvotes. When STEEM goes up, your rewards go up too, and you can grow your account so much quicker. If you look at where we were in October, I'd say we're still in boom town! It's like free money!
In October STEEM was struggling, and barely able to get out of the sub $1 pit it had found itself in. December came, and all of a sudden the lights cam on, and last week is went all the way up to over $8. My personal opinion is the rise was way to fast, and it would come down. This week it has had a fairly gentle decline (or correction in crypto-speak) back to around $4.50. Here is the 90 day chart from coinmarketcap.
We're still on a Billion Dollar Blockchain, and number 38 on the conmarketcap leaderboard. STEEM is still in very good shape, and will continue to grow. It will feel the bumps in the road along with all the other crytpos, but STEEM is now an established platform, and is growing rapidly too. Just look at these account creation stats.
We may see STEEM go back down a little further, but I'm quietly confident we'll see it find some stability somewhere above $3, and then continue it's upward path.
My crypto portfolio is down about 25% from its top, and I've been tempted to draw out whatever little profit I have made. But when I have done that before, I have looked back and regretted not holding on through the dip because what I sold is now worth 5 or 6 times what I sold at. I've actually put a bit more money into my portfolio this week, hoping to catch some coins at the bottom of the dip.
It takes strong hands, and a lot of belief to weather the storms. These are just my views, and should not be seen as advice. I am a novice investor, and am probably just writing this to reassure myself that this slump is only temporary. always do your homework and don't play with what you can't afford to lose.
