I've a huge problem with the current market situation: Coins less than one Dollar. Why? Because people buy them like crazy. Take a look at CoinMarketCap. You have anyway a tab open ;) and scroll down the list. The most gainers are all Coins which are or were a week ago <1$. Here are some examples: Ripple, Cardano, NEM, Tron, Stellar, Verge ...
Why this is a problem in my opinion? There a lot of new people in the space that don't understand that price is as unimportant as the name of a coin.
Here's an example with IOTA. The price you see on CMC is in MIOTA (Mega IOTA, which are 1.000.000 IOTA). Imagine CMC would show you the price for one KIOTA (1.000 IOTA) which would be around 0.004$ or for one GIOTA (1.000.000.000 IOTA) which would be ~4000$. That are huge price jumps but it doesn't matter! The value for IOTA itself stays the same. The only thing that matters is the market cap, which is a combination of price and supply.
The newbies wanna catch the new BTC and imagine/hope their coin can go up to the same price as BTC. I have this opinion because I read more often stuff like: "Ripple to 100$???" or "ADA to the mooooon 1000$!!!!" which makes me wanna cry. (These are just two randomly picked examples, I don't dislike these coins). That means that they would be at a many TRILLION USD market cap. Probably in ten years if everything goes perfect. But I see 95% of them crashing again as people realise they are overvalued. At least I hoped so. BUT I also didn't see XRP ever reach 1$ and here we are at nearly 4$. So I might be wrong, no one can see into the future. I just want to point out that the price is irrelevant and that it scares me so many people don't get it.
Yeah, I think people are without a doubt looking at top 100 coins and putting money into them without reading up on them. I think the same is true of STEEM unfortunately. People don't like hearing this because obviously we're all invested in STEEM, but the truth is, people are throwing money at everything and seeing what sticks. Does anyone believe someone who buys a stake in 30 coins is reading all the whitepapers? Keeping up with the news? FUD and FOMO can affect prices to an insane degree. All people need to read is a tweet or a reddit comment and they'll put $500 on it. I think people probably look at the transaction count for STEEM and say "Hey, that coin's pretty cheap, I should get some." Then they never even look at the plaltform. It just sits in an exchange. The whole situation is troubling.
To be clear, I think STEEM is very valuable. The transaction count is a good demonstration of its value, but being a living working product is a much more important factor, and if people investing in it aren't aware of that, they're not going to have as strong of hands during dips as they should.
I echo this all the time.. It's not the price per coin, its the market cap. But noobies don't currrr
I can see Cardano reaching and even surpassing the marketcap of Bitcoin Cash. Is a more valuable coin for the long term, IMHO