So, you may have noticed the sharp spike in bitcoin prices. Looks like we're up above 11k. So, that's healthy. Question to me is when will people holding bitcoin look around and see all the cheap altcoins that haven't followed btc. This second people are still chasing... but how long will that last.
Pump is actually a pretty good analogy because it's about transfer. I know some people are selling alts to chase bitcoin, but at some point bitcoin starts looking overbought and people will be looking to get out of bitcoin and into other things that look like a better deal. That may start next with the majors, but eventually those won't look like great deals either.
At some point you're holding a bitcoin and realize it's worth 30,000 Steem. When do you stop chasing bitcoin prices and start pumping alts?
I don't know that answer, but my guess is that we're not that far off.
One of the things about Steem is that I think it's more volatile than any other token. People earning it has something to do with that and also SBD. The fact that you earn means when prices are higher more people want to earn it, and the opposite when it's lower. That puts a lot of buy/sell pressure on the system at both the highs and the lows. SBD also makes a funky case too. Keeping it stable when price is low means Steem gets REKT. If SBD starts pumping because it's a short supply token people use it to buy up Steem at favorable rates.
I personally think we're pretty close to the next pump for Steem. There's a lot of development people haven't heard about, but if prices start going up again people will pay more attention, and the long crypto winter will end with a bang as all the hibernating Steemians come back with their "Hey, sorry about the absence. I just didn't give a shit about steem while it was at 40 cents, but now that's it's back above $1 I'm stoked to be here, remember to upvote, follow, and resteeem me!"
Now, might be a good time to swap it out for some Steem.
May I also interest you in some Monsters at steemmonsters.com or steem-engine.com for some tokens there?
I have a feeling things are going to go up in price around here pretty soon. Enjoy the ride.
