What’s Happening to Steemit
Article #23, Published October 28, 2017 by Elijah Wasson
A quote for the read:
"It's [Bitcoin] just too volatile. The virtual currency is known for wild fluctuations in price."
— Kerry Close, Time Magazine (2017)
Price of Steem at the time of this post: $0.936205 (-4.78%)
For the past few months, the price of Steem has been steadily the same – and has a decreasing linear trend line. Occasionally there will be a small jump during the day, but then it goes back down. I took some data into Excel to create a graph and trend line, and this is what I ended up with.
The gray-colored line is the price of Steem at the end of each day in the past 3 months. The red line is the generated trend line. As you can see, the average price of Steem is going down. What does this mean? Well, I’m asking myself the same question. I would like to have faith in Steemit but every day I check my account balance and it remains the same. A lot of people hit the jackpot with their posts, but for us smaller ones it can be hard to get a start… and when we do, it’s even harder to continue with these prices.
At the time this post was written, the price of Bitcoin is $5,770.01 USD. If only the price of Steem would go up, if I’m thinking about this correctly, the ratio of STEEM to BTC would also increase tremendously resulting in Steemit users’ account balances jumping probably over 200%. Chances are I’m not correct in anything I just said, but if I am, we need the price of Steem to go up!
Some days I am tempted to just take what I have and be done with Steemit and other days I want to just leave it hoping the price of Steem will go up, increasing my value. So what do you think? Will the price of Steem continue to go down, or will there be a miracle?
I'm a 16-year-old junior in high school. I've figured out that Steemit is a great way to express my feelings about certain topics and get paid for it! I like to start all my articles with a quote to get the reader to understand the 'feeling' of the article before they start reading it.
See more of my posts here!