That psychological dynamic is what pushes wild swing the in the markets of any thing for centuries. That previous high becomes a focal point and it makes something a "bad" investment until it gets back there.

Then there is a wall of pressure as everyone runs for the exit now that they are "happy." Good times indeed.

Their cost of investing in steemit is so low right now that the risk to possible reward is worth a small investment at the least. Everyone should have a "speculation" amount of 10% of their investment portfolio anyway if someone needs to look at it that way.