Could there be further depreciation in steem price?
I welcome everyone here as we look into various activities that happened in the market during the week. Generally, the market has had a challenging time coupled with the long waited bull run is yet to take effect. It was expected that after the BTC halving, the market would be trending on positive marks. But even up to this moment, there seems to be no respite on the negative sentiments that has caught the entire market.
More of this would be discussed further, as I bring you more market events during the week.
Market Overview
STEEM/USDT Price actions
Steem/Naira price actions
Steem/Naira Statistics
The Market Outlook
BTC/USDT
The flagship crypto, the btc continued on the red zone since the week. BTC failed to break the over $70,000 that has been anticipated even before August. It ended the month of August on a bearish note losing about $5392.25 reflecting 8.35%. This is as it closed on Sunday at $64218.10 to close at $58,972.48 on Saturday 31st August 2024.
STEEM/USDT
As the chart depicts, steem is taking its share of the negative sentiments playing out in the market. During the week, it has shaded 0.0308 steem value that reflects 17.3%. After closing at 0.1868 on Sunday, it further went to close at 0.1615 steem on Saturday 31st August 2024.
STEEM/NAIRA
The steem against the Naira has also seen a downward movement in prices. Its struggle to sustain its gain against the Naira has lasted over a week. After closing at N306.220 on 24th August, it came down to trade at 255.390 on Saturday 31 August 2024has losing about 0.21 steem against the Naira.
Market Capitalisation
117,300,000,000 NGN
Fully Diluted Valuation
117,300,000,000 NGN
24 Hour Trading Volume:
21,240,000,000 NGN
Circulating Supply
470,387,693
Total Supply
470,387,693
Last 24Hr Closing Price
Steem/Naira: N255.390
Historically speaking, experts are of the opinion that a negative August is usually followed up with a positive September. This means that following the BTC historical price behavior, it has been observed that a bullish run sets in September, after the bearish sentiments on the month August. This is based in historical findings but, cryptocurrencies don't flow with such. Since the BTC has garnered over $ 1.2 trillion asset worth, experts looks at as a measure to count on.
If this could come into play, we hope that the steem would also make some gains this month.
Do have wonderful and prosperous days in the week.
You've got a free upvote from witness fuli.
Peace & Love!
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"Wow, another informative post from you! 🤩 Thank you for breaking down the market trends in a way that's easy to understand. I'm keeping my fingers crossed that September will indeed bring some positive vibes and a bullish run for Steem! 💚 What are your thoughts on this? Do you think Steem can bounce back, or do we need to buckle up for more challenges ahead? 🤔 Also, don't forget to show your support for the great work of @xpilar.witness by voting for them at https://steemitwallet.com/~witnesses - let's keep our community growing and thriving! 😊"
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