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RE: With all the great attention Steemit is getting, why is the price going down?

in #technical-analysis9 years ago

I think an important thing to realize is that there are those who use STEEM and SP for the actual use of the website. Then there are those who simply day-trade STEEM on Poloniex or Bittrex (or where ever) simply for the profits. STEEM went parabolic only 5 weeks ago (around July 5th) and there were a lot of people who bought in at prices significantly less than were it is today. There are still a lot of people who are holding STEEM and could sell for huge profits today that aren't even using the site, don't care about adoption and will sell out whenever the time feels right. That's just part of the crypto game.