Bitcoin is starting to rally, but will it take Steem with it?

That is likely the question on many people's minds that are still here reading this post.

Through 2016, 2017, and into early 2018, that is exactly what happened.

We saw bitcoin go on a monster run, starting under $1k and eventually peaking near $20k.

Steem saw a low of $.07 and a high of $9 during this same time period.

There were other contributing factors, but it mostly got pulled along for the ride.

Will history repeat?

I wish I knew for sure.

Some things are very different now than they were back then.

For one, steem was a top 10 coin at one point and a top 20 coin for most of that time period.

It was often mentioned with the top handful of cryptocurrencies in terms of potential, with steemit.com being mentioned as a Facebook/Twitter/Reddit competitor.

Fast forward to today and it is hanging around 80th in terms of market cap and there is not a lot of talk about steem or steemit in the media or crypto circles.

Also, the altcoin pumps of those years may have been orchestrated by shady exchanges and individuals.

The investing/regulatory market is very different than it was back then.

Exchanges are almost all being forced to abide by regulations for money laundering and price manipulation.

Which means it is likely much harder to manipulate prices than it was back then.

Given the above, I still think steem is going to go on a massive run...

I like to think "Bitcoin first, then the altcoins."

That seems to be the formula that played out during previous altseasons.

Bitcoin goes up in value, pulls outside capital in, and that money eventually diversifies out into altcoins either looking for more gains or just wanting to lock their bitcoin gains without having to pay the tax man (in certain jurisdictions).

Once that money starts to flow out into altcons, traders jump in exacerbating the moves, shooting altcoins to the moon.

Poof mooning altcoin prices.

The last time we saw these sorts of things, just about every coin within the top 300 mooned, which if happened again, would even include steem in its current spot.

(Source: https://steemit.com/steem/@abh12345/anyone-who-tells-you-smt-will-not-increase-the-value-of-steem-is-talking-out-of-their-backside)

Not only that, but there is a lot of steem specific development going on...

SMTs and Communities are set to change just about everything as it relates to steem.

Hopefully those foster some positive sentiment regarding the coin price and helps it climb the ranks, making it more and more likely that bitcoin money eventually makes its way into steem.

There is no guarantee any of this plays out like it did during the last major bull market, but some of the ingredients are still there.

The most important one being a ton of money in bitcoin that will eventually be looking for something else.

I think if steem was higher on coinmarketcap its odds of being included in the next altcoin rally would be higher, but I still think it could be included in its current spot.

Stay informed my friends.

Image Source:

https://coincentral.com/what-is-steem/

-Doc