Steem Rally is Good for Us
Steem Rallies Today
Today April 03, as I woke up, I saw that there is good rally going on for Steem/BTC pair. As people know that there is a lot of market currently for selling steem, because after the Hive hardfork there is a lot of people who is powering down and selling their steem either for Hive or BTC. This is making the price of steem softer than usual.
Above is the daily chart of Steem/BTC, the pair I care about. We can clearly see the massive rally (not I am not going to use the word 'pump') March 18 and 19, as traders started buying steem to qualify for the Hive airdrop. After that, the prices begin to fall as traders sold and investors got their powered down steem out and begin to sell those as well. Prices where is a strong downtrend until yesterday April 02. Above chart is the screen shot from my Bittrex account, and full disclosure, you can see my sales. Most are good, the one yesterday was bad :) But I am not really trading, just positioning my assets.
Above is a hourly chart for Steem/BTC showing the rally in detail. The blue curve is the VWAP, volume weighted average price. It is the only indicator I like to use other than just price itself. Prices rally from midnight last night. Seems like some buying program triggered the rally and then it self-propelled.
I am thinking any rally in steem is good for all of us. For people who are staying in steem, for people who are leaving, and for people who will be active on both chains. So bring along the high prices I say :)
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It is funny how the price of Steem is increasing, when the number of active users and the real human interaction on the Steem blockchain in general are decreasing. According to today's statistics (and the statistics of the previous three years), the value of Steem should go down, as more and more people are losing interest in it.
Yes that is a correct assessment. It is now a trading vehicle
Actually, Steem could be very valuable digital real estate if all the photographers and lifestyle bloggers get shaken out. Right now, Twitter and Medium are still better locations for discussing cryptocurrencies, partly because the Steem community is rather anti-Ethereum and other blockchains they consider to be competition to the STEEM token.
However, if Steem became much more friendly to all the crypto projects out there and burning STEEM became the way to promote your crypto project to a large community of crypto investors, Steem could become the crypto hub for investors. It is not that currently, but it has that potential.
The Tron Foundation bought Steemit Inc. and Binance bought Coinmarketcap.com because they realize how difficult it is to drive traffic to crypto projects. I would not be surprised if the Minds.com company receives an acquisition proposal from somebody soon.
Unless their accounts got frozen ;)
Hey, @azircon.
I managed to get all of what I had powered down off of STEEM just after this rally started to dip. So, I didn't catch the peak, but I'm okay with it. The trade differential I was seeing before was not motivation for me, even if STEEM is actually heading to rock bottom. So, whoever is causing this, thank you for giving me (and hopefully many others) and opportunity to get a good price. :)
That said, I wish STEEM no ill will at all, as I would like to see both rise. We shall see what happens.
Same here. I have significant vested interest in steem still. Any rally in price is helpful to me personally.
I see it has entered the manipulation zone.
Absolutely it has. This is now a trading and exploitation vehicle.
Hold it tight, it will be to the moon.
I will actually. If the price rallies, I definitely will. Thanks for the visit.
Would certainly be nice to be selling into a rise :)
You know, we all got to be traders now, and have liquid steem handy at all times.
Early bird catches the worm.
Lazy people like me who can't be bothered to learn and monitor the market won't be able to take advantage of the arbitrage. But I'm perfectly OK with that, if I could ride on the last waves, that would be fine with me 😉
You know, I never been able to take advantage of the steem/btc market earlier, as I never paid attention to the trading aspect of it (funny!, right). However, things are different now. I can be using my natural talent for this I guess :)
the big question im looking for is why? all i can find is one tweet from sun saying something about his name and breaking your chain. sounded like fighting talk to me. :) how do you get people to stay and join steem? simple pump it. he has the money im guessing he is investing more money into steem via the token. which lets face it is the most important thing this place needs. if steem was one or two dollars and stayed there steemit would look pretty dam lit all of a sudden.
“Why” Is the least important question... it doesn’t matter why. As long as it happens no one will care for why :)
Thanks for this post.