I've noticed when the market grows too quickly, there is a pullback reaction. I have a feeling that investors are a little nervous about the short term future as it is been moving up and down at the extremes and suffered a significant correction. If the market does a significant pull back now as a result of a significant surge, then we are still in for a wild ride for at least a little longer. This in turn will keep long term investors away.
The last 2 days have had solid growth, but a little too much in my opinion. The growth really should be around $25 to $30 Billion per day. We had a $32 Billion and $47 Billion growth. As of this moment, it looks like the growth is accelerating. Bitcoin is over $16000.
I think you are right. There needs to be capitulation in between the surges upwards. People respect much more an investment they have made money all the up versus the speculative play they socked their gambling fund into to buy a lottery ticket. The volatility to steem and all affiliated with it is a good thing for all of us because financially it is better to be built by solid, respected capital rather than a trendy house of cards.