STEEM price skyrockets on heavy volume!

The STEEM bull market just kicked off today, breaking out from a recent cup-and-handle formation, to more than $0.39 right now.

After an entire year of straight losses - down 98% at the bottom - STEEM has bounced off the $0.21 mark set in mid-December. After almost doubling in only a month, could STEEM lead the overall cryptocurrency market into the 2019 recovery?

After falling from the #15 crypto overall a year ago, STEEM lost ground during the bear market, falling almost to #60, before making this quick recovery, especially in the past 24 hours.

Volume

This price move is happening on moderate to high volumes, pointing to this being a real and lasting move. Perhaps it represents smart money doing some value-buying while cryptos are still cheap? After all, we know the Steem blockchain is strong and resilient (regardless of what people like Steemit Inc are doing). It could very well be that buyers are coming back in to cryptos - especially the ones they know will survive.

Strong volume over the past week tells me money is coming in to STEEM right now, perhaps pointing to a crypto recovery, lead in part by STEEM.

I did say 'the Bitcoin market turns at Christmas', and I wouldn't be at all surprised to find in retrospect that the low indeed happened last month. The recovery isn't as fast as expected, and buying opportunities may remain, but it seems that at least for Steem, the bottom is in.

Congratulations to everybody who is part of the Steem blockchain!

DRutter