Steem fireworks: any idea what is going on?

in steem •  19 days ago

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Steem has been pumping today and is up about 20%.

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This is a nice pump and price has doubled from the current recwnt lows.

Anyone know whats going on?

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Not sure on the exact why, but a thought on the overall market dynamics currently happening.

There clearly is more demand to send the price up this much this quickly, but more importantly to me is that demand wasn't met instantly with massive amount of selling pressure as it has been for months on end here.

With the reduction in costs for running full nodes there are multiple witnesses that need to sell less to cover their bills (including STINC). STINC lowered their overhead drastically (fired dead weight) due to an instant need to cut costs. Maybe they are more on solid ground with lowered overhead in terms of labor and server costs. STINC also now has ad revenue kicking in meaning even less need to sell STEEM.

At the very least those who need to pay bills with the sale of STEEM need to sell less each day as the price is rising meaning less and less selling pressure. The death spiral that seemed to be happening of the lower the price the more that had to be sold by large accounts that rely on STEEM to pay the bills which then caused the price even lower thus needing to sell even more just might have been broken. We will need to see the gains hold to know for sure. But even at these prices it would take about 50% of the STEEM to pay the same bills vs the lows. If we get to the 60c range it's 1/3 vs the lows. At that point I will be a lot more comfortable with the selling needs of the dapps and Steemit Inc not causing us to go straight down to 0.

Add in the printing of SBD again which means those treating steemit like an ATM are now dumping SBD daily, not steem. I haven't seen numbers of this, but guessing the number is fairly large in terms of consistent selling pressure from these people who's only purpose is short term gains.

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Watch out for the inevitable dump.

Pomp and Domp.

The markets are generally starting to turn more optimistic, but there is no real news to explain this crazy spike.

In fact many people are starting to get their hopes up. If we get another big dump breaking new lows, that will be truly demoralising and even more people will quit. I am partially hoping that this will happen.

Could be the Huobi listing.

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Maybe buying on Korean exchanges? I have zero idea, but definitely not complaining though, whatever is causing it.

Which exchange? I think I know why. Because the SMTs is ready.

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No they are not. But we have steem-engine.com :)

Maybe Steemit.inc is selling less Steem because of the cost reduction and buyers are willing to take the risk to bet on a positive outcome for SMT lite by end of March?

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I'd love to know as well. Considering selling my liquid steem if I can buy back lower. But, I always guess wrong at these things lol.

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Yeah, it might have something to do with the Huobi listing but in crypto who the hell knows?

All I know is that I don't want the price increase to ever stop. :D

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nonsense...drop back to 20c for a few more months so we all earn more steem. Higher the price the less we earn. Then after those who are here have more time to earn larger stakes let it run wild.

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Well. I can see your point. But you can also say if STEEM will reach 1$ that you wished it stayed at 0.42$ for much longer because you could have accumulated more.

The best time to accumulate STEEM is...always in my opinion.

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I have zero interest in steem prices going up right now as I don't have a need to sell any of it. So the longer it stays low the better for me. Those that need to pull income out care about it pumping for short term gains, those that are here for the long haul and just building our accounts gain nothing by the price increasing.

I'm just bitter because while it was at it's lows I was ready to purchase a chunk of coins three times and life happened. Boiler had to be replaced which wiped out all of my savings and liquid funds. Then saved up just enough that I was getting ready to buy again then dishwasher crapped out with the garbage disposal...made the wife happy and fixed it right away instead of buying more Steem. Then got right back to that same point again and my hot water heater started leaking and had to replace that. So I'm maybe 2-4 weeks from being back to a point where I can comfortably buy some steem again and naturally we are seeing the price start pumping up. Just can't seem to win lol.

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Yeah. I've been there and it sucks. Right when I wanted to pull the trigger and buy some, something goes wrong in real life.

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I will say it's better the way it happen then if I had bought and then all this happened. At least this way I was able to take care of things that needed to be done without completely stressing out as to how they would be paid for. The lost opportunity sucks, but not having heat or hot water would have been worse. The Dishwasher and garbage disposal could have waited...but was really nice to keep the wife happy.

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Yeah. The opportunity to buy will come again.

Posted using Partiko Android

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ahh that sucks!!! It may still be cheap!

Hopefully an entrepreneur acquired a large stake.

This is a great news, though I don't know why either but would love to know why too

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Not sure for certain but there have been a l lot of positive moves lately. There is a huge marketing campaign on twitter at the moment to spread awareness about steem to more people. We have more apps up and running. The recent listing on huobi has increased volume. Trading volume is 10x what it was a week ago. There was that new announcement about a steem backed exchange a few days ago. All of these thing add up and get people interested combined with traders seeing it go up and jumping in as well.

Hopefully it can last a while and help us to achieve a nice steady growth for a few weeks.

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Yea my feed is full of steem tweets

Some are saying it is due to all the activity taking place on Twitter regarding Steem; The Twitter Hustle!

Posted using Partiko iOS

I don´t know what´s going on, nothing points to this "fireworks", but if anyone is trading it's time to sell!!

I read some second hand information that said Steem was added to a Korean exchange. So that could be the reason why we are seeing the pump in price.

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This is goodnews for steem believers

This is just an observation. Not expert analysis. I've seen that almost everyday thee are few coins that make big moves while the market is going sideways. Top 5 coins have been going basically flat (which is super odd for crypto) and something has to go up. We have low volume and tons of strong fundamentals and these things should eventually convince investors. there are 2 other points I've seen.

  • STEEM Monsters Tournaments are a big deal in crypto gaming
  • STEEM Hunt is getting an exchange listing soon with IEO

BTW prices are a little down now. I guess things are stabilising a bit. Let's hope for the best :)