Happy Monday!
I haven't checked the STEEM/USD and SBD/USD price in recent days, and am quite surprised at how low it has gotten. As of this writing, we're sitting at $1.54 for STEEM and $1.63 for SBD. To think that when I started blogging a mere 3 months ago, the price was well above $6! A quick check on STEEM price showed it traded as high as $9.00 to the greenback this year alone.
As I've been highlighting on most of my posts, this volatility should come as no surprise to cryptocoin traders. Of course, it sure would be more fun if prices were surging up at record speed. However, if you're on the other end of the spectrum and aren't currently holding any STEEM and looking to enter, this drop in price would be a welcome development for you.
So the golden question now is (well, it's always been the golden question no matter what point the price is): is this now the time to get in? While I would not give any specific recommendation, I am of the opinion that in the long run, STEEM does have a bright future. I've written about this in the past so I won't dwell more on this. Nobody can predict the bottom and nobody knows when this dip will end. But if you're like me, and you have solid belief that STEEM would do well in the long run, now may be as good a time to get in. And since we won't know how far down we'll go, it would also be prudent to spread your entries apart.
To be fair, this dip is not just happening to STEEM. There are similar stories everywhere in the cryptoworld -- Bitcoin, Ethereum, Litecoin, etc. This makes it all the better for you to analyze which cryptocoin will survive when the smoke clears.
Again, if you do decide to go in, make sure you are going in with money that you can afford to lose. This is a very risky investment after all; perhaps one of the riskiest of all risky assets if I may add.
Besides, there is always the other route we could take -- to "mine" Steem. Work hard, write good quality post, build up your follower base, familiarize how the community works and become a Steem expert. This may be the safest route to take, as the only thing you'll be risking is your time. But hey, if it's something you enjoy doing, then why not?
Have a great week ahead everyone!
Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.