Whats causing the fall in price of steem?. Steem-engine token?

[lebey1]

source
Steem has been on a downward slop for quite a number of days now and it can only be pinpointed to the massive dump which people have made recently.

So many reasons have been attributed to be the cause of the dumps but only two really holds water i.e any two reasons stands out to be considered. What are the two reasons?
Answer:

1. Investment in bitcoin
2. Buying of steem engine tokens.
   This reasons will be discussed in full

Investment in Bitcoin.

source

The boom in price of bitcoin has dwarfed all other alt coins and steem has not really survived the hit. More and more people are selling their steem coin at cut prices to have a share of bitcoin. People believe the mooning of bitcoin will continue for a long time so its better to invest now than to be sorry later. So many people have converted their steem to bitcoins, and many more still want to convert theirs. This has made the market a one sided affair and has made buyers kings as they determine the price at which they want to buy the coin instead of the forces of market determining the price of steem.

Buying of steem engine token

screenshot made on my phone

When the steem engine was launched on the steem blockchain, no one really noticed and cared until the tribes came in. Due to the introduction of tribes, they have been massive adoption of tokens from the steem engine and this have led to the buying of the steem engine tokens with steem.
steem engine tokens such as SPORTS, PAL, NEOXANG are currently leading the way in terms of mass adoption and usage.
All this tokens can only be acquired using the steem and people have been exchanging their steem for it. This to the best of my ability have kind of altered the price of steem and made it fall, because people prepare to hold this token than the steem coins.

PS: this is just my opinion and not really a financially or investing advice, so I wont be liable for any actions taken based on the facts gotten from this post.

Comments

[bearbear613]

0.10 cents oy

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[lebey1]

Thank you