I am starting to feel the Steem price pinch and looking at its order book isn't encouraging. I am hoping that the prices pick up but the volume is saying a different story. There isn't much catalyst at play, SMT is hopeful for 2019 but that can be postponed like the Bitcoin ETF. Quite a few buzz with Steem Monsters and endless tokenizing through SMT but little effect on the market. This winter looks like it could go on for awhile.
Photo Credits: Mauldin Economics
Looking around on the platform there is a noticeable drop in quality of post, those who have the support of the upvotes that matters continues to push out post. I now have 1452 dead followers, I hope they did not leave, Steem is uphill task of networking for those reading, these are the best time to push out post if you looking to earn Steem.
During these times, we all feel the pinch. I have lost my drive to put out blogs but my little time on the Steem blockchain tells me now is the time to put out content. Overall, this latest market cycle has turn me into somewhat of Bitcoin maximalist as I have seen Team/ developers of varying projects empty their wallets. I have changed up my plans, send some speculative bets including Steem at exchanges trying to build my BTC base. Longterm that's all the matters. Still hopeful that projects like Steem would reach their potential. Ethereum Classic (ETC) and Ripple (XRP) has been big surprises for me, lots of momentum, volume and most importantly investment. Whether you like Ripple, its building bridges and drawing serious investments. It would have nice to see Steem building those kind of bridges and drawing those kind of investment but given what I have seen here, that would be wishful thinking on my part.
To the Steem community, its really up to members to support the token. Steem is still looking for a bottom, the order-book with bids is quite thin and volume isn't really exciting, its a piggy ride the Bitcoin run as with every other token. The enthusiasm on reddit and other social platform isn't there and the quality post that show up from time to time isn't curated, its the cycle of familiar faces trending. I am hopeful Steem realize its potential....