Why steem loss its ranking
Steem ranking was Top 40 in 2018 and Top 30 in 2017, THen the steem sudden start a downfall , The main cause of steem price drop is inflation and over valued.
Look at Xrp right now ranked on 3rd currency , Xrp has big supply and big storage lot of sellers ,Xrp should not get 27 cent mark because of its heavy supply but we see that in past XRP hit even 3$.
The ranking of a coin depend on many factors.
How easy to get that coin
Total market capital of a coin
Inflation of coin
if a coin has less supply and less circulating supply and ranked on 100 it will be cheaper but if it has big supply still it is ranked on top 20 it will be higher due to Top marketed coin lot of holders and The ranking position encourage new investor to get that coin and store for good future.
But when people start selling a coin on cheap and exchanging it on a cheap rate The coin loss its value day by day same happen to steem coin.
Steem coin was first new and people keen to get it to make profit holding a steem power but when many many more people start holding a steem power they start selling upvotes on profit for example give 1$ get 2$ scheme which create a horrible inflation so the big whales who did not sold their assets because they invested in it . but small investors who were making 1$ into 2$ 1000$ into 2000$ in just few weeks start selling a big stock because earning a steem much easier for them and they do not care about it . They just want to make money so more and more inflation produced.
Now HF21 will fix many problems but reduce author reward so in my view the price of steem should beat 1$ . There is less inflation mean high demand.
So in few months ago steem declared they have no money for development of SMT so instead of paying bitcoin or cash to SMT developers steem iNc start paying them steem which is nothing just token the developers start selling direct to market so it create a big crash in price.
Right now no need to loss the hope evey thing wil be alright when smt will be developed Steem will be introduced to many more exchanges and companies will join hands together so i can see steem price will move 1$ plus with in next few months.