Market Snapshot - February 7th 2018
Top 10 Cryptos
At the moment of writing, top 10 cryptos were all in green, posting double digit gains (yesterday they were posting double digit losses).
As I wrote yesterday, the bottom of the sell-off was touched and the market rebounded. Although the percentages are looking great, let's not forget they are coming after a very steep bear trend. Bitcoin is at $7,725, Ethereum inching towards $800 and NEO is posting a mind boggling 50% appreciation.
STEEM And SBD
At the moment of writing, STEEM was trading, on average, at $3.72 on Coinmarketcap, sharply up from yesterday.
On Bittrex, the 30 minutes chart shows the formation of a slow, albeit consistent uptrend.
The 1 hour chart shows a very solid upswing up to 52k satoshis, followed by a correction down to only 48k satoshis.
The 1 day chart shows a potential reversal, with a very small correcting candle after a long green candle with a long wick (a sign of weakening of the bear pressure).
SBD was trading, at the moment of writing, at $3.09 on average, sharply up from yesterday. The 30 minutes chart on Bittrex shows mostly sideways trading, with a weak attempt to go over 43k satoshis.
The 1 hour chart shows sideways trading with short lived upswings.
The 1 day chart shows a potential stabilization around 40k satoshis.
SBD to STEEM Ratio
At the moment of writing, according to steem.supply, you could buy 0.827 STEEM with 1 SBD, slightly down from yesterday and under parity.
Overall opinion: The blood bath stopped for now and all assets are rejoicing a solid correction. STEEM and SBD are being carried up by the Bitcoin appreciation in fiat, but they're also making progress in pure Bitcoin value. SBD is still trending lower than STEEM and a value close to the intended peg, $1, is more and more plausible.
Disclaimer: I'm not a trader and this is not trading advice. I'm writing these articles for my own educational purposes and they are not meant as an investment foundation. Please make your own due diligences when investing and never invest more than you can afford to lose.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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Can you please explain what is the need of SBD if steem can fulfil all the functions already? I really do not understand this thing very clearly.
SBD was created as a stable currency in this ecosystem. The idea was to have a volatile currency, STEEM, and a stable currency, SBD. Things didn't go quite according to the plan and the peg is broken. But the benefits of a stable currency are not to be ignored, for instance merchants will love to have a stable currency if they want to sell online using SBD.
How it is pegged to 1$? When it is being traded on the exchanges, it can go to any number. I really don't understand how it is being pegged to 1$ and how it is possible when people buy and sell it. Demand and supply decide the price of any stock or commodity.
It's actually only pegged in one direction, and I'm a firm believer that pegs are always a dumb idea because they always lead to an implosion. There's too much real-world evidence of pegs failing for anyone who has bothered to briefly overview how pegs have gone to advocate for them.
From among the major cryptocurrencies, Electroneum and NEO had the biggest gains in the last 24 hours, as shown in my last post (https://steemit.com/cryptocurrency/@hmushtaq/electroneum-and-neo-are-leading-the-fightback). By the way, wouldn't it be bad if SBD goes to $1. I mean our earnings would drastically reduce due to that. Isn't it? Or maybe our upvote value is gonna increase proportionally. If upvote value depends upon STEEM/SBD ratio, that would be the case. I am not sure if it is like that though.
The immediate earnings for a post, or the numbers, will decrease. But that will give room to STEEM, as the main currency of this blockchain, to grow in value. So in the long run, putting value in STEEM, not SBD, will generate wealth.
Glad to see the green color back as predicted yesterday..... https://steemit.com/steem/@dragosroua/market-snapshot-february-6th-2018#@hms818/re-dragosroua-market-snapshot-february-6th-2018-20180206t102014822z
I love green, you analysis were right sir :)
Hopefully bad days are over. Our good day will start from today.
Finally! All crashes have a bottom, after all. Thanks for the continuing report.
Not even a dollar difference between sbd and Steem. What I noticed so that eOS moved from 9th to 10th now
Yes, NEM grew faster than EOS during the last 24 hours.
To avoid stress, panic and diarrhea I stop ⛔ thinking 💭 USD $. I, now only think in terms of how many tokens Steem SBD I have. And measure if I am going down 👇 or up 👆 in that metric.
i think the market is responding to the good news from the senate hearing and the that singapore , india and south korea are not planning to bann the crypto market. all is green and double digits is a welcome sight after the bloodbath of JAnuary
It's funny how people had predicted the end of cryptocurrency and blockchain. And here we are again. Let's go to moon @dragosroua =)