I still have a lot of fate into the Steem platform and that it will definitely succeed. But at the moment there are a few factors that is making the Steem price drop quiet considerably in the past few days. I will outline them in as most details possible for the best understanding of why this is happening.
New Dolphins and Whales dumping!
As you can see on the front page of steemit. There are a large amount of people who are earning tons and tons of cash due to whales up-voting their quality content. When someone sees one post earning over $1000 they will most likely sell it and buy something nice for them. For example 
Moreover, the whales on Steemit are seeing the price drop and they do not want to lose any more money so they set up sell orders in order to minimise losses which is what professional traders do. I'm not a whale or dolphin but bought a lot of Steem at okay prices 30-50k and still holding! Just remember, this project is still in beta and has a lot of potential to grow!
New Projects Launching
Lately there have been a lot of good projects which have launched for steemit which have gotten a lot of attention from everyone on steem especially the whales which have influenced their ranking due to high weight dropping on their posts. An example of this is the post written by 
These projects that have been developed took time and the user wants to get their money back for the time spent into creating these projects therefore they are selling their steem's in order to fund different projects or maintain the current ones. This is very logical as someone with a big project will want to get their money back for what they have created if the website does not have any other monetizing technique other than their Steemit post.
Introduce Yourself
An introduce yourself is something that is needed in order to know who you are, what you like, where you've been and what your hobbies and goals in life are. Some of the Introduce Yourself's which are written in good English and are very interesting to read have not expected to get so much fame on the Steemit platform.
An example of this is 
Panic sellers are everywhere
Even though you might not know it there are a lot of panic sellers thats talking from my own experience, It happens every day with everyone sometimes. And it makes them lose money but not loosing it all. That's why panic sellers sell, they are scared that the price might go down even more so selling is one of their best options. Imagine you own $1000 worth of Steem ,then it drops to owning only $800, you have a feeling that it might drop even more so selling is a very good options for this. Loosing $200 is better than loosing $300 or $400.
Steem Power No More
Many people are questioning if buying Steem Power is actually beneficiary , as you can only get all your money invested within 104 Weeks , every week in small increments, and as the price is dropping the users might not want to buy as its quiet scary to invest in something 1 btc or more and getting that in increments in a few years without knowing the real market cap of the platform.
Furthermore, we are testing uncharted waters here and nobody can know for sure if the project is going to succeed as much as we want to, there are a lot of whales and dolphins who are ruleing the projects, for example someone who has posted a Link to Poloniex adding Steem has gotten over $2000 But if someone like me has written a whole paragraph why it was a great thing for polo to add it and be the first I wouldn't get as much. Steem Power has too much weight here and the proportion that its split between the users its simply too low most likely over 90% Of all steem power is owned by the whales and dolphins. The rest 10% have to either get lucky or buy some Steem Power in order to get noticed by someone.
Would the price drop even more ?
Possibly, but who can know for sure. Something big has to happen within the platform so that people start buying Steem and Steem Power. This question has no exact answer but as more people join the platform and they are posting quality content who is earning tons and tons of cash they have the right to sell it. I am holding for a longer time into Steem, bought a lot and still holding. I can see that the developers have done and still are doing great job with all these new updates which are going into the platform. Once we get out of the Beta stage and get ready for global domination there is nothing that could stop us.
I hope you enjoyed my post. It's something that I wanted to share to you last night but I was so tired doing all my other work that I had to do. Have a good day.
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