STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #09)
We are here for another week to look into the events that has happened in the crypto market space. We would be looking at some of the events that has really impacted the market at large, our steem and our Naira, and so below are some of them through the events highlights:
Market Overview
STEEM/USDT Price actions
Steem/Naira price actions
Steem/Naira Statistics
The Market Outlook
BTC/USDT
[source] A shot from Bybit Exchange Live chart
The Thursday and Friday of this week saw an upsurge in the price of the leading crypto currency, BTC. The BTC had a 9% rise in price trading at $62,400 price range after three day bearish trading. One of the reasons for the upsurge is related to Ripple and XRP winning the SEC in court.
Before the court ruling on Thursday, BTC was down to close at $55,143.12 after touching a low of $48,974.00 on Monday 5th August, 2024. It could be noted that the BTC reclaiming the $60,000.00 range brought some relief to the entire crypto market.
The prices has been defying technical setups as the market is currently relying on strong fundamentals like the impact the upcoming US elections might have on crypto regulations.
STEEM/USDT
[source] A shot from Bybit Exchange Live chart
Steem/Usdt is having a repeat pattern of the BTC/Usdt price actions. steem has had a two day consecutive bearish trading pushing its price further down to close at 0.1378. It later reclaimed some its loses just like the BTC did, as it traded bullish (ie steem) for two consecutive days.
While steem may be relying on signal from the USDT to determine its price directional movement, this has put traders on taking precautionary measures to reduce their risks exposure in the market.
Steem/Naira
After hitting a low of nearly below N200.000 per steem on Monday 5th August 2024, steem reclaimed some of its five days losses from the Naira. Steem closed N240.130 on Wednesday 7th August 2024 and has maintained a steady rise for three good days closing at N281.170 on the 10th of August, 2024. This is the impact of the spillover effect from the BTC/USDT which is the major trading pair that influences the direction of other digital assets.
Market Capitalisation
124,000,000,000 NGN
Fully Diluted Valuation
124,100,000,000 NGN
24 Hour Trading Volume:
23,180,000,000 NGN
Circulating Supply
468,690,014
Total Supply
468,690,014
Last 24Hr Closing Price
Steem/Naira: N281.170
The market seems to be defying technical projections in terms of price movement. Strong Fundamentals may keep driving the price directions needing traders to apply more precautions to avoid severe losses.
Slow movement in prices might be seen between steem/Usdt and Steem/Naira in the upcoming week as a result of the major crypto BTC, and altcoins depending on fundamental signals from the global crypto market.
Stay safe and hopeful as our steem unarguably, has strong fundamentals to keep driving its price valuably.