Market Snapshot - Day Nine
This is my ninth day from the 30 days writing challenge I'm doing during January. Basically, I'm writing each day an article on a topic that I'm interested in, or something that I'm just learning. I tag these posts with #challenge30days, if you want to join, all you have to do is to use the same tag. Each day I will also pick 3 articles and give them a full upsteem. For all the details and the motivation, have a look at the introductory post.
Top 10 Cryptos
At the moment of writing, top 10 cryptos were all in red, following Coinmarketcap's decision to remove the South Korean exchanges from calculcations.
CMC decision worked on two fronts: first, it pushed the price down for all tokens which had significant volume on those exchanges (because in South Korea price is usually 30-50% higher), second, it created a bit of a panic, which dipped the markets even more, before correcting. But if we ignore the short panic dip, the tendencies are the same.
Bitcoin is stable around $15k. ETH spiked back to over $1200 and it's testing this level right now. Ripple, Stellar and Cardano are continuing their downwards trend. Litecoin seems to consolidate, while TRON and IOTA are going slightly down, with TRON being the only token seeing a double digit loss.
STEEM And SBD
At the moment of writing, STEEM was trading, on average at $6.09 on Coinmarketcap, slightly down. On Bittrex, the 30 minutes chart is showing sideways trading on the same narrow corridor around 39-40k satoshis.
The 1 hour chart confirms the consolidation (and shows clearly the panic dip).
The 1 day chart shows a very small gain, but with very little price variation, which signals caution. The triangle formation may be completed in the next two days.
SBD was trading, at the moment of writing, at $8.27 on average, same value as yesterday. The 30 minutes chart on Bittrex shows a consolidation around 55k satoshis, 3k satoshis higher than yesterday.
The 1 hour chart shows sideways trading, with consolidation around the same level.
The 1 day chart shows very little volume and supports the upwards correction which may stop around 57k satoshis.
Overall opinion: STEEM wasn't affected by CMC panic dip and it trades consistently around $6, SBD still has some small room to correct upwards.
Previous Posts In The Challenge
- Markets Snapshot - Day One
- Markets Snapshot - Day Two
- Markets Snapshot - Day Three
- Markets Snapshot - Day Four
- Markets Snapshot - Day Five
- Markets Snapshot - Day Six
- Market Snapshot - Day Seven
- Market Snapshot - Day Eight
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.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
Steem and SBD have their lives of their own. They move separately from the market trend. As most experts predict, the one that will remain on the uptrend at the end of this year are the coins with real values and interoperability. All the others will fall at the sideways...
STEEM and SBD are demonstrating their strenght, keeping their position very consistently.
Why CMC removed the Korean Exchanges?
Probably because the price was too high and they have this algorithm which tries to eliminate "outliers", or exchanges which are manipulating the market. At least that's what I think.
Very weird, indeed
I would say based on these charts everything looks good on the STEEM front @dragosroua..
I am liking that they're staying strong. 2018 is going to be an amazing year for STEEM and SBD!
One of my Writing Techniques series :)
@dragosroua do you think the price of steem and sbd will go back up this month? Also what's your fave crypto? I'm beginning to loathe bitcoin. Took almost 24 for it to show up in my wallet yesterday.
@bearone I just try to read the charts in order to educate myself, I don't do predictions :)
I like the fact that Steem remained stable during this whole fiasco with CMC. I think it shows the fundamentals are correct and we're going on the right kind of direction. Course that doesn't help my other holdings but beggars can't be choosers!
ha ha, I like that one!
Yes, fundamentals are very good for STEEM / SBD, especially when you look at players like TRON, which is just a glorified white paper now, no product, no user base, pretty much nothing. And it's a top 10 currency.
Yes Steem definitely has a very large userbase among altcoins, that should provide it an upward trend compared to some of the others
do you think the price of steem and sbd will go back up this month? Also what's your fave crypto?
@dragosroua
wow. amizing
Great job & nice analysis on SDM & steem as well crypto! thanks for sharing!
You're doing great with the market update stuff. I like it. It always feed me with current info on the market. Keep it up!