Steem-Backed Dollars are looking quite strong after putting in our (hopeful) Bitcoin bottom at 60%. At least temporarily, they have put in a strong up-trend that will hopefully continue as the broader crypto market recovers.
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In fact, as far as I am aware, SBD reached the "Biggest Gain" status for the first time on Bittrex this weekend. (However, for the record it is possible this happened during the previous pump as well.)
I must admit, this comes as a bit of a relief as I had heard murmurs that certain parties around Steemit were considering more aggressive measures to re-peg the SBD. Personally, I don't see any real winners by accomplishing such a task, and price-fixing is both difficult to pull off and anti-free market. It would represent a large capital loss for most Steemit authors, as well as all bot operators, and generally speaking I'm not for it.
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It's a short-term trend-line, but it's holding for now.
Of course, the more price action SBD shows to the upside, the more infeasible it will become to attempt to control the price by artificial methods. The end result is we can all continue to enjoy the increased posting rewards that always help to keep activity and engagement up at Steemit!
Note that this could change rapidly at any time, as SBD is a very low market cap "coin". That makes it very easy to pump, or dump. As you can see from our volume numbers at the top, it "only" took 283 BTC of volume to put SBD in the top gainers list with a temporary 50% jump.
Expect the same volatility to be possible to the downside and adjust accordingly. Personally, I am only using those SBD I need for Steem related services and mostly holding the rest for now.
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Sources: Google, Bittrex
Copyright: Bittrex
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Source:
https://steemit.com/steem/@lexiconical/sbd-hits-biggest-gain-status-on-bittrex-on-overnight-pump-saturday-2-10
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