So, after I woke up this morning, I went over to Coinmarketcap as usual and I almost couldn't believe what I was seeing. The Steem price was steadily rising, while almost all other coins were down. Mind you, that was some hours ago, seems like the rest of the market is catching up now as well.
At first I thought that the recent adding of Steem to Huobi might have had something to do with this, but looking at the volume on different exchanges this does not seem to be the case. The Steem/KRW trading pair on Upbit is seeing the largest amount of volume, followed by Steem/BTC on Binance & Steem/KRW on Bithumb.
So, given the fact that most of the volume is coming from South Korea, I am left wondering what the cause of this could be. Why are South Koreans driving the price up so much? It's no secret that Steem is fairly popular in Korea, but it doesn't really explain why there's suddenly so much interest these past couple of days.
Another thing I've noticed is that when prices are going down, Steem is holding up quite nicely. We haven't seen Steem drop under $0.30 since the 16th of February, which is a small but fairly significant achievement in my opinion. I'm not really knowledgeable about Technical Analysis, but to me these look like signs that we might see another bull market very soon. I'm curious what the TA experts here think about this, feel free to let me know in the comments below!
At this rate, we might even see Steem get back into the top 10 on Coinmarketcap, who knows... I'm pretty happy right now that I've been powering up these past couple of months, having bought Steem at $0.25 doesn't look like a bad decision anymore, that's for sure!
One more thing, @runicar is doing another push to get Steem listed on Coinbase. I would suggest reading his post about it and participate in any way that you can. If we manage to get Steem listed there, I have no doubt that the value would rise exponentially!
Check out his blog post here: