As I was getting ready for my daily market snapshot, I had a quick look at the charts, only to freeze in awe, when I saw this STEEM spike: during the last 24 hours, it appreciated with more than 50%.
As a matter of fact, STEEM is the most appreciated token in top 100 at Coinmarketcap, during the last 24 hours, with a whooping 54%. The next token in terms of sudden growth is Power Ledger, with only 31%.
According to CMC, again, STEEM had a $41 million volume in trading, with more than 60% coming from Upbit (a South Korean exchange).
Here's how the STEEM chart looks in Upbit, at the moment of writing:
On Bittrex, STEEM chart looks like this:
And here's how the SBD / STEEM correlation is looking now, according to steem.supply:
The peg is broken again, and SBD seem to be taken for a ride, but I will look closer at this correlation in the market snapshot post.
In my humble opinion, the pump may have been caused by the recent update regarding communities, but I might be wrong.
Whatever the reason for this pump, a very good way to start a Tuesday, if you ask me :)
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
The surge is crazy for sure! Not used to seeing STEEM outperform BTC. It’s been a while. I still haven’t picked up my cheap STEEM yet, so don’t go up too much too fast! Thanks for the post!
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Wow finally steem got pumped up and major credit goes to Binance it has got some insane amount of volume
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Or could it be the announce of SMTs at the Steem Witness Forum and their promotion outside Steemit from guys from Steemit Incorporated, or just a pump and dump scheme, but whatever the reason is, I guess it is a nice chance for Steem to get noticed with its current performances of processing more transactions than any other blockchain on the market with no fees. I believe this is a great thing for its adoption and also that we all should enjoy it!
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It was never fixed. It was tightly correlated with Steem as it went down. Now it continues to be correlated with Steem as they both climb. As I have been saying for weeks, there has never been any convincing evidence that the peg was working.
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Until November last year, it worked.
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True, but we also had a much less volatile Steem that states near $1. I think it is pretty clear why the peg isn't working. Most witnesses refuse to set their bias above zero.
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That's true, but even in this case, eventually, it will work. The STEEM price when SBD was keeping the peg was as low as $0.10.
LE: the only reason SBD is pumped is because speculation. Traders founded it worthy of being "played". It will be played until they find another target. They don't care much about the ecosystem, I do.
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I can agree with that but increasing the supply with still have an impact on the market. If there are many more people selling Steem then there will not be enough buyers. That will prompt someone to sell for less because they want to be able to sell at all. When more people start to do that, that new lower number will become the new normal. If we flood the market with SBD the price WILL fall due to market forces. If it goes too low then we give a small interest until it stabilizes. That's just my opinion.
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That's exactly how it's supposed to work. Am I missing something or we actually agree? :)
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Lol no we agree. That's just what I think we should do. You are doing that, that's why you have my vote. Others aren't, that's why they don't.
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@dragosroua, thanks for the news. It would be nice to see most of the crypto market recovering similar to what is happening to STEEM. There is a chance of a strong recovery in all cryptos with the Consensus 2018 in mid-May, right?
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Very good news. Need some more good news to pump the steem and sbds..
Thankyou for the post.
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This is such a lovely news..... You stopped giving market details we were going down.now since you have come back we are going high again.... You are lucky charm for us...
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:))
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I noticed that trend all day, I guess it could be any reason a pump and dump, SMT or the communities thing, the one thing is to hope it doesn't go back down again.
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Maybe a very big while just come abroad
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A lot are dismissing the Hive mind update as the cause but I would not discount it as a possible reason because people are just hungry for updates and the things discusse there are very exciting!
It also shows the github and use of python so people know that it is not just an empty update.
We have a working product that needs some fixes but others is good, we have blockchain that is able to process tons of transactions really fast and have zero transaction fees. That is a huge deal.
Then there is also the London conference that a delegation of Steemians and Steem INC will be there.
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We shall see if this is just a spike. I'm all powered up anyway
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Happy to see Steem above $2. If $2 can be some kind of a floor for us, that'll be really helpful so that the businesses and creators on here don't get hit too hard by the bear market.
We'll see
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Not such a good start for me @dragosroua. I've been wanting to change some BTC into Steem over Easter but couldn't remember how to do it and didn't have the time either. This morning I got up to watch a video and remind myself and like you, my jaw dropped when I saw the overnight jump. he who hesitates is lost and all that! 😂
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Wohoo this is going crazy \o/ STEEM
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Why does it always seem that if something major is going down, South Korea is somehow involved?!
I don't know if communities had something to do with it or not, but the news of it came earlier in the day and didn't seem to phase the market until the Upbit folks, so who knows.
I guess it's possible for one part of the market to get excited about something the other part of the market doesn't, but there always seems to be more to the story.
On another note, Steemit's best known TA did kind of sort of predict a possible now or down the road breakout of somewhat to maybe massive proportions.
So, there's that. :)
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It is indeed a great way to start a day :-D
I hope this is the reaction to the updates on the development of hiveminds! Imagine how it will be on release and then when SMTs release :-D
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I was hanging around checking prices and watched sbd shoot to $2.17 and decided to convert and power up. While I was doing that it shot up to $3.18 lol.
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Thanks Dragos, I was wondering this morning why the Steem price surged! The news about communities might've been the trigger.
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This perhaps one investor or a group of investors pumping in a lot of money into Steem since it's from a single exchange...
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I hope this comes from legitimate investment and interest and not from a pump-and-dump scheme.
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Yes it is really a good start.
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This is goodnews and calls for a party, lets get our dancing shoes reading as steem may hit $5 or above by the end of this week.
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I did notice this morning it had reached $2.40 before pulling back, but didn't know why. The coins are all on the up but this is a little crazy, not that I'm complaining!
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my friend, if you go to the forex brokers charts of btc you will see that the spike happened in btc cause the safest heaven coins to follow it.
steem is strong as well as it will be protected by the rules of 14 weeks.
if this rule is gone, then steem is gone with the wind
i am a strong supporter of steem, i push all of my small other mining rigs to pump in steem as i liked the idea of 14 weeks protection
thumps up
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I just only hope it's not a pump and dump situation by some individuals.
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nice to see you. and thank you so much for your information..
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i respact to you.beacuse you first share this market up down news.so thanks for given next good news
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so cool.
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That sure is a great news for us !
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Is this really happening. Or is this the reason of transfer of steem into SBD from a huge whale. I don't think it's song too stay like this.
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I just did the math on my last post and I figured out more about this whole getting Steem rewards. At first I was happy about it. Now I'm not. I'm not opposed to getting some of the SBD reward paid out in Steem. My issue is that it's being converted to Steem assuming that SBD is at $1. So if it decides that I need 1 Steem from my payout, it subtracts 1.7 SBD to buy that! Rather than just printing more Steem to lower to ratio of SBD to Steem, the system is taking rewards away.
I guess it's sort of fair since the system is still paying assuming that SBD is $1, but it obfuscates things and leaves me with a bad taste in my mouth to see that trade forced at a terrible exchange rate. :(
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