STEEM Falling Some On Relatively High Volume
Undoubtedly, this will produce yawns for those among us who have been long time STEEM users, but for me, and hopefully for others, I find major shifts in some aspect of STEEM to be intriguing. Now, if only I knew what it all meant and could actually cash in on that knowledge.
For most of the day now, 24-hour volume has been relatively higher on STEEM. Bithumb is the culprit this time, with volume in the 45 to 49 million range. The next closest exchange is Binance at 1.2 million, with the whole bringing STEEM 24 hour volume above 52 million.
Just for perspective, volume for a while now has been well under 10 million, with it bouncing in between maybe two and seven million. The last time volume for STEEM was up, it reached nearly 26 million on March 10. That coincided with a STEEM value high of $0.52 USD.
This time, rather than pushing STEEM up, the volume is pressing down. As of this writing, STEEM has dropped over 6% to just under $0.46 USD.
This follows last week's significant pump and dump of SBD, which still remains above the $1 USD mark, but today is the one trading more calmly.
Since the STEEM trading on Bithumb is paired with the South Korean Won, it seems logical to assume that the movement is related to something going on in that country regarding STEEM.
Anyone have an idea what might be going on there? I've searched the news, but haven't found anything that directly correlates to it. There was a report last week, however, that Bithumb will be laying off just over half of its workforce (from 310 to 150) due to poor trading. Accordingly, Bithumb is Korea's largest cryptocurrency exchange.
It also appears that another South Korean exchange, Korbit, has dropped STEEM from its list of coins, along with Dash, Monero, Zcash and Augur. Korbit has given no word as to reason for the delisting of these alt coins.
Howdy sir Glen! Hey are you invested in any other coins?
And do you know if Steem has a set number of coins available like Bitcoin does?
I've asked around and no one seems to know.
Hey, @janton.
As far as I know, STEEM isn't set up the same way as Bitcoin is. It's designed on the tried and true scarcity model, where the worth is meant to be in the fact that they are harder to come by, and therefore, harder to obtain.
STEEM on the other hand is meant to be a global digital currency, with the sue in its worldwide acceptance and utility.
The inflation rate of the reward pool is actually counting down and is supposed to hit 0% at some point into the future (can't remember now how far). I'm not sure what's supposed to happen then. I guess that can be dealt with if we get near to it. It's something like 20 years since the launch, so maybe 2036? Don't quote me.
re: other coins
I don't have any money invested in either other coins, but I do have some Basic Attention Tokens, which actually trades on Coinbase and I'm assuming others. It's listed as BAT, and is related to the Brave browser. It's basically designed to award content creators on the entire Internet in the same way STEEM does on its blockchain. So far, though, it doesn't appear that it's highly circulated yet. At some point, you're supposed to be able to earn BAT by clicking on ads (which Brave actually blocks), but that's not up and running yet.
I also own some tokens that are traded. Asher has given me some of his ENGAGE tokens (others, not just me, too), and a friend of mine gave me some pocket tokens, which work within the comment sections of a post. Neither of the latter two have much of any worth, but the BATs are up to $0.27 now. I earned them by watching videos and answering questions about them on Coinbase. There currently offering another coin, Stellar Lumens, if you do the same thing.
Other than that, and what I hold in STEEM, I'm not that big into crypto. I'm not convinced that it won't all fold and evaporate, and at the very least, I don't think many coins are worth what they are right now. Some just happen to have better PR than others, and so where people decide there's value, the price goes up.
Howdy again sir Glen! thanks for answering me so late. Yeah I don't understand how Steem works but I'm sure it's all good. lol.
I'm not into crypto much either but I did do that Stellar promotion on Coinbase for a few of the free billion that they're giving away.
The BAT thing sounds like it could work eventually. Maybe. It's an interesting one that I didn't know about so thanks for that information!
Excellent review @glenalbrethsen and it is possible that the actions of the Korean stock exchanges have affected so much the price of the Steem!
I have no idea if this is the cause or not...
When we had that pump some said the Korean audience was expecting the release of SMTs. Due to some old marketing that got circulated.
So, if that was true, and those investors have now realized we may never have SMTs that pump would reverse.
I don't know if it is having an impact or not. Just a wild guess.
Interesting, @whatsup, and for now, as good a guess as any.
How in the world did they end up with old marketing information? That sounds like a story, and a pretty decent foul up, in and of itself. :)
There was an old SteemIt, Inc announcement that got circulated pretty strong in the Korean community from what I was told.
I did not really kmow why steem is finding it difficult to rise so up to hit $1. I hope to see stewm hit up very soon
As far as I know, I only have one friend who also holds STEEM. He and I were talking last week and he thinks it's going to be sometime in 2020 before we see major movement by STEEM. I've read that theory before.
If you look historically at what STEEM has done, there seems to be a major spike that comes sometime during April and July, with the exception being the all time high in December/January last year. So, a cycle has formed that could happen again.
Who knows what's going to happen. STEEM is falling again, along with the rest of the crypto market, just somewhat harder. I wish I knew what it all meant, or why, or when things would be better. I don't. I do like to watch the fluctuations and try to figure out something, or atleast attempt to learn something. So far, I don't think I've been that successful at doing either. :)
The last time steem was trading in this range btc was worth $6k and has been trading sideways for the past twelve days. As long as it closes above the lower line its still just reasing sideways.
Considering all the selling pressure (if it can hold) this maybe another local bottom just waiting for its next leg up.
This analysis goes to hell if bitcoin makes a big move.
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Interesting, @gniksivart.
So, similar signs, but about a $2,000 difference in price for BTC between the two. I like the idea of another leg up. When you say it's no good if BTC makes a move, which way? Up? Down? And how much of a move would it need to be?
Now, is there specific correlation to Korean markets in this, too? They seem to be fairly crypto savvy over there, which is why I ask.
Usually, unless the market is clearly bullish a move in either direction will cause a sell off in alts for BTC. In a bullish BTC can help pull everything up with it.
Hoping that the next support holds at 0.000105, otherwise we're looking to drop to 0.000095 for the next support.
If I remember correctly, the red lines is the channel that the price of Steem held while BTC went sideways at 6k. Looks like we touched the lower price (support) of that previous timeframe.
Get some funds ready to buy for me. May be a good opportunity!
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Hey, @newageinv.
Yeah, it might be a good opportunity. I'm pretty tapped out for the both of us, though, so it would need to be a super-stinking-awesome-no-brainer kind of opportunity, and right now that's below $0.05. I don't think anyone wants it to go back to that territory, unless it does one of those crazy whiplash moves and rockets up to $10 or something like a gravitational slingshot. :)
I guess you never know.
The reality here is, I keep trying to assign cause and effect to something that may very well have no sane reasoning behind it. So, getting up on the wrong side of the bed might be causing the volume and small drop in price.