Is Steem's recent pump the beginning of Steem's recovery (bull run) or just a random pump?

Now that Steem has shown some life in it by recording highest gain for day among the top 100 cryptocurrencies today, the million dollar question is that is it the beginning of Steem's recovery (or bull run) or just a random pump?

Clues about Steem's recovery

Here are few clue: how is EOS performing? EOS looks like steady as rock though it has a debacle in VOICE dapp delivery. It means that crypto investors are feeling bullish.

Moreover, there are almost 15 cryptos which have reached $1B marketcap. The last one, Ethereum Classic (ETC) is basically a left out fork by Ethereum maintained by the community devs. Steem is treated similarly by investors as left out project by @dan which it is not. Steem is totally different project not a left out fork of EOS. In fact, Steem is not centrally governed as EOS, as ETH founder ridiculed it centralized as shit.

However, it looks like overall altcoins probably has entered in a bull run along with BTC. BTC maximalist has given up. At the peak of altcoin dominance, BTC had only 31% market share and now it has 66%. At recent peak, BTC had 70% market share. This indicator is clear sign of altcoin's recent strength.

This recent spike in Steem's price (22 cents) will cool down since Steem has sell pressure unlike ICOs and other coins. Steem will be sold by many entities when market will cool down and volume will dry.

How price will cool down from this recent spike?

There are many parties who also sell Steem for different reasons at any prices: STINC will sell their ninja-mined Steem to run their companies, witnesses sell their Steem to cover node cost and for their own living, DApp developers also sell Steem to continue their developments, and finally, the content creators who are not investors sell their Steem for side income.

What is next for Steem?

Steem will reach another higher floor of 15 to 18 cents from previous 12 to 15 cents. Steem will rise in stair cases both in price and rank. It has to be seen how quickly steem will reach permanent stay within 50 ranks. I believe that we have to wait final release of SMT.

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions. This opinion is only for educational purpose.

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@dtrade
Cryptominer , occasional trader and tech blogger since 2013