Steemit Internal Market 24hr Volume Over $750,000 - Not 100% Real - See Edit
Steemit's internal market is maturing quickly. At the time of writing this article, Steemit's internal Steem to Steem Dollar had;
24hrs Volume: $786,339 (Steem Dollars, which are currently trading a premium to the USD)
Spread = 0.023% (I appreciate usually wider, but still it has narrowed significantly since the 4th July)
In light of @dan article
https://steemit.com/steem/@dan/steemit-s-evil-plan-for-cryptocurrency-world-domination
The key for the development of the founders concept is Steem and Steem Dollar Circulation, and the growth in the internal market shows strong signs that this objective can be achieved. Very impressive growth, alongside an additional 1200+ accounts signed up in the last week
Edit: @bonapartist made a great call on a post below. Because Steem and Steem Dollor are free to trade, and liquidity rewards are being offered, traders are filling their own orders in order to do volume. It's more than possible a majority of that volume is not reflective of the Steem and Steem Dollar that is actually changing hands.
That being said, it's tightening the spread, and the volume on the bid/offer is there to be traded with. Some of these traders will take a hit engaging in such actions. Believe me, I'm an oil trader and I've seen it happen in financial markets.
people are filling their own orders because they can at the moment to earn liquidity rewards. This will be the case until the market gets a bit more mature. The volume is way inflated and not genuine.
@bonapartist Thanks for that information. I suppose making Steem and Steem Dollar free to trade/transfer and then offering liquidity rewards would have that affect. Good catch.
I will add an edit
The prices seem to have jumped wildly though. I prefer them to remain nice and steady, so that you know where you are from day to day.
I think we will see Steem Dollar stabilise against the dollar quite quickly. The spread has narrowed very fast, and the more users of Steemit we get, the more stable this currency will become. Steem itself will remain volatile for the forseeable future. Too many variables from day to day and too little historic data to fall back on..
I knew I should have went all in yesterday, crud!
It's even more impressive when you considered external volume of Steem is under $30,000. Shows that 'the money' is staying on the platform. something which I thought wouldn't happen so quickly..
https://coinmarketcap.com/currencies/steem/