Steem seems to be trucking on this morning, with no sign of a lapse due this afternoon as yet another example of an alt-coin that is racing ahead of it’s rivals in what has otherwise been a week of slow gains. Yes, at the moment a gain is a gain but with a few coins really taking leaps, we need to start focusing on the real economic heroes of the time.
At the time of writing, Steem sits at $2.33, up 26.21% with a market cap of $597,966, 430.
Since the start of April, Steem has had a bit of a bumpy ride, with plenty of peaks and plenty of troughs, averaging out over time at around $1.50.
If we track back to the famous cryptocurrency boom at the end of 2017 and the start of 2018, Steem hit a combined height of $8.12 before stooping as low as $1.40 at the Start of April. Between January and April, Steem did see regular but steady declines, taking just over a month to see a dramatic decrease in value. It tried to maintain but the climate meant that inevitably, Steem was going to fall below the magic $2 threshold.
If we come back to this week, where all round things have started to look more positive, Steem has made regular progressions upwards, apart from a minor dip on Monday. This dip has been resolved by an astonishing climb over the past three days, reaching a huge jump from $2.04 to $2.38 in a matter of hours today.
So, what next for Steem?
The $2 mark doesn’t really come close to Steem’s $8 potential; however, it puts the currency in good stead. I wouldn’t suggest that Steem has made a full recovery here, but the signs are positive. Where other currencies have made slight gains this week, Steem has featured as a regular jumper, investors behind the currency will at least see these signs as promising.
If Steem can maintain itself over $2 then we would expect its value to continue to rise. I would say that $8 is a long way off yet but who knows what could happen over the next few weeks. Especially if the markets continue to grow in the way they have.
If overall progression is steady, yet Steem continues to progress at a slightly faster rate, $5 could be on the horizon, if that threshold is met then Steem’s investors can start getting very excited indeed.
As ever, there is no evidence to justify this, this is just speculation and anybody choosing to invest in Steem should do adequate prior research.
Lets wait and see if Steem really is going full steam ahead.