From March until now, the price of STEEM to Bitcoin has risen more than 1500%! This is incredible growth for STEEM, and it doesn't look as if it's stopping any time soon.
The rise of STEEM
The above screenshot shows the price of STEEM in Bitcoin, from the beginning of this year. So far, we are up somewhere in the region of 1500%.
Looking closer, we see that this month too, STEEM has been rallying nicely. The screenshot below shows the price of STEEM in Bitcoin since the beginning of July until now.
Above: The price action this month.
Some of the reasons for the growth of STEEM and the Steem Backed Dollar, are that the platform is growing and gaining lots of new users, more per day than ever before.
Also, more and more people are investing their Bitcoin into STEEM power, and this also pushes up the price, and the value of STEEM and the platform overall.
What the future holds
Using technical analysis, I charted a precision of the price of SBD in Bitcoin. In my opinion, we could go up a very very long way from here - at least 90%. Take a look.
To view this prediction in full, and watch how it plays out, go here: https://www.tradingview.com/chart/IZpm4oUW/
As you can see above, we are at all time lows in terms of the price of the Steem Backed Dollar (SBD). From here, we could see a re-accumulation, where people begin to stock up, and supply becomes less available.
Hopefully, this combined with the influx of new users and new money coming to Steemit, should send the price of both STEEM and SBD to the moon.
Conclusion
Hold your STEEM and SBD. It may be tempting to cash out, and if you really have to then do it, however, the longer you hold your STEEM and Steem Dollars, the more they will be worth in the future. The platform is growing, and I'm sure it will be one of the big players in cryptocurrency and social media going forward.
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Steem to $5 this year!
Then you realize it's a dream.
That would be amazing, let's hope so :D
I'm already powering down and cashing out. Don't ask me why. You don't want to go down this rabbit hole.
Oh well, if you have a good reason to do so there's nothing wrong with that :) But a few years from now, if the price moons, you may regret it :P
@callumcampbell There are legit projects I can invest my money and make more. Steem is a ponzi scheme for whales that get their Steem Power for free (millions) and has already powered down more than half of it. If they decide to cash out all of us are screwed. It takes over 3 months to power down so you have no time to get out. Do you follow the core developer for Steem? He also started Bitshares and EOS which are ponzis too. Look at a blog I made to question EOS and Steem and he jumped in and flagged my blog to hide it from public view. Decentralized Social Media my ass. Don't be fooled. Steem is a ponzi controlled by crooked whales.
https://steemit.com/cryptocurrency/@iheartyou/eos-ico-a-money-grab-scam