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Could be also the Easter holidays, people away from home, not publishing etc... But it's true that the downward spiral is discouraging to many people as well.

Yup It s the main factor you described well.

I think it is mostly down due to the bad sentiment in the crypto markets.

Yep the cycle repeats once again. Its was also Easter weekend. People who have been around this space for years understand this somewhat normal to these crazy up and downs in the Crypto markets bu the longterm remains the same. Crypto is following an exponential new tech S-curve formation of adoption. Meaning that not over just months but years we are seeing exponential growth of this new technology. For example, the next swing on Bitcoin could carry us to $100K and it will happen much soon than people are expecting now. I want to mention when I say Bitcoin I mean the entire space. Because we are still in such early days there's a lot of potential changes in the top 20 coins from this year to next, like we saw from last year.

...and Easter weekend, imo.

I think once we see the price of Steem go up, you will start to see alot more active users creating content again.

I'm guessing its because of not getting seen much, people not upvoting and bots are not really adding things to the mix. I cant tell you how many times i seen more upvotes then page views. When people have something they want to say Money is not the biggest factor. Responsive people would come first. Without them the model could fail.