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Actually, there are several reasons why the price of STEEM was really depressed in the past year. The price dropped by almost 90% from the beginning of 2018.
1. Bitcoiin Prices Also Decrease Drastically
It is undeniable that Bitcoin, as a pioneer of crypto currencies, and dominator in the crypto market, has become a strong reflection on the market. So, when Bitcoin (BTC) drops dramatically, the majority of altcoins will also experience the same thing. That also happened at STEEM.
2. Approaching the End of the Year and the New Year
Almost everyone will exchange their investment (including investment in crypto scope) into fiat currency, for year-end, Christmas, and new year needs. Of course there are many offers from current demand, so STEEM is also affected.
3. Investors Move to Another Crypto
For this point, I think it is quite reasonable because the STEEM network does not really grow new innovations over the past year so investors turn to other crypto currencies. Maybe, after SMT is officially released, STEEM prices will rise, but we have to wait until the first quarter of 2019.
If you dont want to regret, HODL it till Q2 - Q3 2019.
SImply because SBD is based as a pegged currency and remain valued around 1 usd where as steem is purely driven by the market sentiment, supply/demand and at this moment the entire altcoin market is trading bearish and steem is also a part of that.
Bitcoin is still considered as the sentiment indicator of crypto ecosystem and at the moment btc is also down so as other cryptos.
It is not like that steem will not be above sbd value, when steem will start trading with a bullish bias it will surpass SBD again, but at the moment it is bearish and it is trading below the value of sbd.
Thank you and Have a great day.
The simple answer is that SBD is regarded as a different type of crypto and not an investment.
SBD is meant to be pegged against the Dollar so it stays stable and doesn't fluctuate as much. Today SBD is in the 94 c range which is a good indicator the market is down and it has basically kept to where it should be.
Steem on the other hand is an alt coin that will fluctuate and be affected by whatever Bitcoin does. If Bitcoin decreases in value so will Steem. When Bitcoin goes up we will see Steem rise and maybe SBD will be in the $1 to $1.05 range then.
SBD earlier this year was at $4 which is not meant to happen so it can also vary in price but lately it has been pegged to the dollar and doing it's job. This is the reason that we can today go to steemworld .org and transfer our SBD still at the $1 value even though it is 0.94 c.
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Both are traded on the open market but SBD is supposed to be peged to a dollar. As you can see that is not the case at all. SBD hits different movements than steem because steem is always rewarded, SBD however is not given out if the steem debt ratio is over 10% on this hard fork and 8% on the last hardfork. When it is not being given out as a reward then people also do not sell or buy it usually.