What happened!? These two words, perhaps more than any other, perfectly describe the sense of astonishment in watching the STEEM cryptocurrency collapse the way that it did. At time of writing, STEEM is trading hands for a few pennies above a dollar.
A month ago, the Steemit cryptocurrency had a legitimate opportunity to strike $3. Now, the bears are testing long-term support, attempting to break below a buck. If that happens, I suppose we could have ourselves the buying opportunity of a lifetime.
To be sure, I bought some STEEM coins with my SBD, irrespective of the fact that the SBD:STEEM ratio is unfavorable.
I will say this about the "load-the-boat crowd" mentality: STEEM may be down bigly, but signs suggest that this circumstance may not last that long.
Intra-session Volatility on the Decline!
One of the stark differences between last summer's epic STEEM rally (and subsequent collapse), and the present market cycle is intra-session volatility. Between April 2016 through the end of July 2016, intra-session volatility averaged nearly 34.5%. In the past four months including this one, volatility is averaging only 20.3%.
It's also important to note that so far in July, daily intra-session volatility is averaging 17.5%. This is notably less than the all-time Steemit volatility average, which comes in at around 22%. Clearly, the STEEM cryptocurrency market, though very much choppy, is stabilizing.
Normalization Ahead!
People can interpret the volatility curve in any number of technical ways. What I take home is normalization. With so many thousands of people joining the Steemit network on a weekly basis, the STEEM cryptocurrency reflects broader, more "predictable," trading patterns.
This is an extremely exciting development because right now, most people are joining because of the financial reward potential. However, the Steemit blockchain and its potential ability to upend social media forever is the defining hallmark.
Once new Steemit users recognize that this network is more than just a cryptocurrency trading platform, I believe that we will see mainstream integration. Indeed, the concept of the blockchain is rapidly making inroads -- STEEM moving higher as a result appears, in my estimation, an inevitability.