STEEM Breakout Over $3
At the moment of writing, STEEM was trading at $3.06 on Bittrex, following a sharp rise on significant volume ($3.7 million). STEEM appreciated not only against USD, but also against BTC, trading at over 20k satoshis, after testing levels as high as 21.5k satoshis.
As you may expect, SBD followed suit (or it was SBD igniting the STEEM rise? hmm, hard to tell...), trading now at $8.56, on more than $2 million volume (the entire supply of SBD is a little over 4.5 million units).
At the moment of writing, you'd get 2.8 STEEM for 1 SBD, according to steem.suply calculations. The rewards split is 76.06% SBD and 23.94% Steem Power, still significantly favoring SBD issuance.
For the last few days, STEEM was trading below $3 and SBD below $8.
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.
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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):
Glad to see Steem in bullish trend.
Interesting, thanks for the heads up.
I am very curious to what extent the rise of SBD and Steem in the last few weeks could be attributed to what is coming: SMTs. Or is it just speculation so far and are we still going to see a bigger rise? ;-)
Steem to the moon! I actually traded an ether for some steem just a couple of hours ago. Let's hope 2018 is a great year for our platform (and our currency)!
@dragosroua, in my opinion all the cryptos or almost all, seem to dance, to the rhythm of the bitcoin, and it has certain logic many operations of change, are realized in bitcoin or are compared with the price of it.
@dragosroua: Question to your inner feeling: Do you think or intuit SBD and Steem are driving or converging to a single point? I have been watching numbers on your Steem.Supply almost 8 times a day, and I have that feeling: SBD and Steem tend to gravitate towards some kind of median.
What is the theoretical calculated ideal distance between SDB and Steem in terms of %. You already have a measurement on Steem.Supply about how much Steem an SBD commands. I have seen that number continuously drift lower. Any explanations?
Any ideas from your side the angle view of the data, I am posing?
I don't think there is such a thing. Right now, SBD trades imbalanced towards USD, so witnesses are increasing SBD supply to lower the price towards USD. That creates imbalance in the rewards ratio: there's more SBD printed. So you see this imbalance because 1 SBD is worth more than 1 STEEM. But there were times when 1SBD was worth 7-8 STEEM, when SBD was $1 (and STEEM $0.13-$0.15).
In practice, SBD is a stability instrument, and it works by creating debt. 1 SBD is equal $1 worth of STEEM (in the initial white paper, anyway), so it's basically "replacing" STEEM with a stable value. From this point of view, it's considered debt. The "play" between SBD and STEEM creates a metric, called "debt-to-ownership", or how much STEEM we "sold" for SBD, via how much STEEM we still have.
In the initial white paper, a 5% debt-to-ownership ratio was considered protective enough. Even at 10% (which we are inching towards, with this new extra SBD printing) we should be safe.
SBD should fulfill its role to be stable, in my opinion, and not necessarily pegged to a certain amount. It could be "pegged" to $10, for instance, as long as we are certain we will always get $10 for 1 SBD.
thx for the update!
finally coming back up after a few days good to see steem rising :)
No doubt, steem will appreciate against btc. I hope you are ready for STEEM MEDIA TOKEN.
In 2018 we will be talking about the breakout of $30 dollar range ;)
that would be something :)
It's great to see it's up right now. I'm actually looking forward it for Steem breaking its all time high in 2018.
The weekend is coming. It seems like around 5PM CST the last few pumps really took off for Steem and SBD. Will be interesting to see if this happens again this week as it's been a few weeks since we've seen a good SBD pump.
So, you've isolated a pattern. Interesting...
The past few pumps seemed to always happen when I'm at home eating dinner with my family so I always manage to take some profits but always miss the "top".
I thought they were always at 4 AM CST while I was sleeping...