I can't pretend to know market psychology well. But for those who do, this is a kind of behavior they probably consider.
A short while ago I received a notification on my phone that Etherium was dropping more than 10% in the last 24 hours.
What did I do?
I went to the kitchen to have lunch. And no, it wasn't something compulsive! :)
To better understand the situation, there is some Etherium in my portfolio.
And yeah, I had a look at the markets when I got back, and they looked like this:
Not a pretty picture, especially considering the high volatility we had recently, but we need to take into consideration this comes after a 4 months strong rally, which took bitcoin from 3500 to almost 14000.
A correction was bound to happen!
And let's be perfectly honest, what would you choose between a potential 30%-40% correction after a 400% rally for a month or two or a crypto winter for two years? Right, I thought so!
As for STEEM, I just checked for the first time in weeks the price, since I was doing this post about crypto prices. I hear about it often though, from people concerned or who write to those concerned about price evolution lately. Seems to be around 28 cents, still.