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While there are quite a number of reasons why Steem has not moved upwards as predicted last year, I think the chief reason remains the crash in the price of Bitcoin.
Being the present king of cryptocurrency, it is no exaggeration to state that a fall in the price of Bitcoin will most likely result to a fall in the prices of altcoins, the league to which STEEM belongs.
Consequently, Steem has failed to rise because Bitcoin has refused to rise. So, let's hope that the bull runs soon.