Hi! can someone explain me how is this happening?What are the factors that influence rise and fall of cryptocurrencies?
I am not experienced in all this,so any explanation will be great.
Thank you!
Hi! can someone explain me how is this happening?What are the factors that influence rise and fall of cryptocurrencies?
I am not experienced in all this,so any explanation will be great.
Thank you!
Just guessing everyone is on the Bitcoin wagon now.
It falls because supply out paces demand. So either people are selling it faster than people are buying it, or is being created faster than people are buying it, or both.
What causes these things? Market sentiment which is influenced by many factors.
Steem is priced in fractions of Bitcoin. If the value of Bitcoin goes up and the value of Steem does not; then, Bitcoin can buy more Steem. And thus Steem's price drops in relationship to Bitcoin.
It may still be worth the same in USD. So check the price in USD also.
There is a need to keep in mind the value of bitcoin as you look at Steem's "price/value"
Example: Steem is at 0.001500 and BTC is at $1012.70. If the value of BTC doubles to $2,025.20 Then the price of Steem in relation to BTC will drop by half. To 0.00075 but can remain at the same USD Price of $0.15 throughout.
This is only one factor.
For sake of clarity, the other posts have more information about other factors.
Thank you for information!