[Breaking News] Steem Was Up 200% On Bithumb, Now Ranked On Place 30th (Video)
I have got some great news about the Steem price. It went ballistic on Bithumb, the Korean exchange and at its top it was up more than 200% in the last 24 hours. Lets have a look at the Korean hourly chart:
Comment: As you can see, the volume has increased dramatically and the equivalent USD price is 2.81. Right now, that is an increase of 112% but it was up even higher a couple of hours ago.
Now, there is a huge price difference between the different global exchanges so lets get over to coinmarketcap.com and have a look:
Comment: As you can see, Bithumb is clearly the highest price and also the highest volume by far. However, all the other exchanges does have a completely different price and that price is around 1.60 for the biggest exchanges.
I have searched for a reason for the sudden price increase but I havent found any news besides the huge increase in volume. The only thing I can think of is that July just started in Korea as you can see from the chart. So, as soon as we went over into July, some big investors stepped in.
Now, finally lets have a look at the Steem price on Bittrex and do some analysis:
Comment: On Bittrex, Steem is up about 30% at 1.50 right now and we have touched the resistance level around 1.60. The next target for Steem is to take out the last peak at 1.78 and get a daily close above that level. If we can do that, Steem the next target will be 2.65.
Happy Steeming folks!
One great thing is that Bithumb alos had the highest volume out of all exchanges instead of some low volume thing that look like a pump and dump looking $19 SBD on HitBTC.
According to Alexa.com South Korea accounts for 12.9% of steemit.com visitors. They are also the top users of Busy.org amd steemkr.com South Korea also accounts for 27.0% of the visitors of steemhunt.com which I think of as a great project: https://steemit.com/steemhunt/@vimukthi/why-you-should-log-into-https-steemhunt-com-right-now-hunt-token-analysis
Right, the volume was 3x higher than the number 2 exchange so this is definately significant and todays action is telling us that this could continue charge even higher.
Yup, Korea is huge for Steem and Steemit, so dont underestimate Korean investors.