I don't see how this is a sudden dump, it's actually pretty predictable. But it depends on your own experience and knowledge as an investor and trader, don't blame the market for it. Because we have been forming a wedge for a long time, it was clear we had to break out from the wedge to the upside or downside around this period. However, most people wrongly called crypto's to breakout to the upside because they are delusional permabulls who care more about their own opinion and emotions than reality. It's better to look at the facts than opinions. Hindsight, there where a few important signs we had to breakdown.
First you can make the analog with the crypto market in 2014. This bear market is almost playing out in the same way like it did back then. A boom-bust cycle usually goes through certain stages. After waiting so long we have now finally reached maximum despair stage. When the last people are throwing in the towel, you know the bottom is near.
Besides that, elliott waves and fibonacci could have helped you predict this downturn. When you only use fundamental analysis it was maybe hard to predict this downturn because there is no way to value cryptocurrency. You can't calculate the real intrinsic value. We al know crypto have been oversold for a long time but that doesn't mean anything because these markets are very sentimental. Something that's oversold can go down even more. It's hard to predict sentiment with something like fundamental analysis which is meant to be rational.
Steem is one of the coins who will probably survive the bear market. Steem is not a scam altcoin or something like that, it's pretty legit. Because they try to solve some real world issues, steem has a very active community and a lot of development is being done. I don't see steem go anywhere is the short term. Long term i'm a bit concerned about their business model because i don't know if it's sustainable. Steemit is paying out users from a reward pool which they finance by issuing more coins. Therefore there is a 8% inflation per year. I don't think this is sustainable in the long term so they need to find a better solution. It's not a healthy situation when you pay out users by diluting everyone on the platform.
The crypto market is generally a volatile market with constant prices fluctuations. As I write, Bitcoin is almost 300% down from its all time high of about $20,000. This has impacted negatively on the prices of altcoins.
In the past few months, we have seen a sharp decline in the prices of several altcoins including Steem. Specifically, Steem is down to $0.58 which is about 1400% from a record high of $7.8 that was seen in January 2018.
Relatively, Steem is more fortunate when the performances of some other altcoins are considered. Therefore, I have every reason to believe that Steem will bounce back as soon as the price of Bitcoin goes up considerably well.
Apart from the price of Bitcoin, which is a key factor in determining the prices of other cryptos, a lot of work is going on in the background to increase the value of Steem.
With the recent velocity hard fork 20 that was carried out to strengthen the Steem blockchain and the planned implementation of the Smart Media Tokens (SMT) in the first quarter of 2019, there is little doubt that the value of Steem will improve significantly. We could see $2 or more in the next couple of months if the price of Bitcoin does not slum overnight.
So, ultimately Steem will recover. The big and perhaps the most important question arises and that is whether you would have the patience to wait for the glorious days ahead.
The Steem blockchain cannot go down that easily. STEEM seem to have established its roots properly in the ground.
And with the expanding community of ours and the creation of many Dapps (such as Musing) that are already a success, Yet even though there may still be lots of things to do and rectify in the Steem, but I am sure it is not going down very soon
But let's wait and watch.
My answer is big yes. Steem has ability to survive this huge dump. At the end of November & December we have high value of steem 8$ and now we are less than 0.6$. Huge drop, But we are still up from the base value of steem 0.08$. so, there is no need to get panic. Crypto market is volatile. Good and bad patches come in crypto. It's not only Steem is down but there is blood bath in crypto market. BTC slumped from 20,000 $ to 5,500$. Due to which alt. coins also dumped.
SMT's will definitely help to boost the market . For ever dark night there is a dawn. The thing which is inevitable from our side is don't loose patience, Patience is virture. Don't create panic in this platform by selling our Steem assets or degrading our Steem power. It's time to show solidarity with this platform. All we need to do is HODL. We should convert our single earning to Steem Power. It will give more confidence to our fellow steemians and will definitely help other steemians a better trust over this platform. Hopefully Steem will be again on track after March 2019.
I guess it's an opportunity to buy cheap. Well, everything that goes up has to come down at some point of time. This is to ensure a healthy economic balance. At the moment as I checked the graph for Steem / usd, it indicates that it's over sold which means it is undervalued at the moment. It's a matter of time before it picks up. Mechanisms like this ensures that there is a balance.
I guess it is a good opportunity to stock up and the rest is to bet. This is the easier investment as compared to lotteries or gambling which the house always wins but not us.
Aside from being one of the fastest when it comes to transaction it also support amazing DApps/communities on the backend.
Those reasons alone is more than enough to guarantee the survival of the steem during this dip. It's likely that people would think that the price of steem right now is an indicator of its failure. That being said, it's actually a door opening for those who want to invest. It's an opportunity!
It has before and it will again. We still have quite a ways to go before this correction is over. I can see steem getting down to 5 to 7 cents like it has before. I think you are looking at it as a punishment when you should really be looking at it as a buying opportunity. I plan on buying / earning all the cheap steem I can afford. It will pay didvedends in the future when steem spikes back up over $5 or even $20 and your upvote is worth double or triple digits.
It was not sudden at all. It has been going for almost a year now. You should be taking advantage of the low prices rather than getting mad. Cheap steem only comes along so often. Scoop it up when you can.