[source](https://pixabay.com/illustrations/ai-generated-crypto-trader-8491316/)
Today I will be talking about things I believe that could drive steem price up considerably to a good level atleast $2 and above, I believe they are factors which could greatly influence the rapid appreciation in the price of steem and I know we here on steemit would all love to see the price of steem appreciate well so that's why I choose this topic for today.
So below I will break down some essential factors which I believe could greatly help in driving the price of steem upwards.
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Factors that could help steem price appreciate exponentially |
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Today one of the things that could really help in driving up Steem's price is if is being adopted by alot of people, I mean it could be used for various purpose and it's not without it's usecase so things that it could be used for involves payments, yes if steem is adopted for facilitating payment it could help drive up the price of much people uses it and steem has other uses like here in steemit where it's used for content creations and even curations, so if there is a great deal of increase in the number of steem users who wish to use it for any of this purposes it could help drive steems price up.
Also another thing that could help drive steems price up is if the conditions of the market is good at the time, like generally if let's say the market is in a good phase like Bitcoin is making gains and positive news in the crypto space it could no doubt impact steems price positively as other asset is going up steem will also move up.
If also here on steemit there are influx of people in high magnitude, steemit as we know is a decentralized social media platform which uses steem for everything yes we are built on the steem blockchain which means alot that happens here reflect on steem too so if there is much traction in steemit or on decentralized social media platform in general that could also help being up the relevance of steem and lead to good things about it which could spread and lead to people investing in it especially after coming to know about it from steemit, like I for one gain much information from steem here on steemit.
Also another thing that really helps to drive the price of a project is steady development and upgrade, I mean there are many things that could be possibly worked on and the technology of this blockchain could be improved so as to better attract people, some blockchain's are putting works in place to enhance it's security and scalability, so if the steem blockchain also work on this things it could help improve the chain and lead to many new users coming in here to invest on steem, improving core features like scalability and security and other essential exciting features coming on board will help being in more people to put money on steem and trust in it's growth and more demand of steem due to improved technology will lead to the token appreciating rapidly too.
Also the regulatory framework cryptocurrency tread on today is tricky which sometimes lead to negative trends and negatively affects price but in an event where the whole cryptocurrency market is facing some positive news and better and improved regulations it will lead to more people willing to adopt cryptocurrency and ensure people trust cryptocurrency more this I believe greatly will place cryptocurrency asset in better position to appreciate in price as institutions would be willing to invest in other cryptocurrency asset other that Bitcoin, just think of what institution adoption would do to the price of steem, ofcourse it would put it in spotlight and that means massive gains interms of it's price.
Lastly supply is key, Bitcoin for instance is a scarce asset with only 21 million ever available which makes it rare and with increased demands then price skyrocket, so any project which wants it token to appreciate in price would really need to reduce it's supply, if only steems supply could be reduce or if it can't be then a major token burn could be initiated and this really would help steem to increase in price, so either a reduction in steems supply or burning of steem would help a great deal in reducing it's price.
So this is all I feel will help drive steems price considerably up. Especially adoption and blockchain development.
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Well ofcourse it would be nice if this things happen really and if the blockchain could be improved on I mean the idea of institutions coming into steem and adopting it would be just nice but for tnat to happen it needs to be worked on.
