The Old Dog Reports: The Price of Steem is up 30% Over Night! Why?
Last night when I went to bed I checked the price of Steem and it was sitting at about $0.89 and the 24 hour volume was around $1,000,000. When I woke up this morning it had shot up to $1.18 which is an increase of over 30% and the 24 hour volume was at over $10,000,000!
Of course as a Steem stacker this is great and I am very bullish on the future of Steem but I'd still like to have a better understanding of what causes huge spikes like this.
As a young currency with relatively low volume Steem can still be pushed up or down by either a large buy or sell order.
Question: Where on The Block Chain Can I See if There Was a Large Buy Order Recently?
I's like to be able to understand the market better and I hope that one of you can point me in the right direction for access to this type of information. In the meantime enjoy the increased value of your investment of time and energy in this amazing platform!
Until next time,
@kus-knee (The Old Dog)
It looks to me like the Korean exchange upbit listing both steem / krw and sbd / krw for the first time just a few hours ago is responsible. New money getting in finally. Kakao, upbits parent company, has a relationship with bittrex as well which explains the huge volume there, while it is much lower elsewhere like on polo.
Basically, what @mk40 said... Upbit is one of the world's largest exchanges and they just activated Steem and SBD earlier today (November 22nd, Korean time)... opening up a whole new set of markets. Which also gives me hope this is more than a quick pump and dump.
@mk40, @denmarkguy thanks for this information. I thought it was just a short-term speculation, but now I have a little hope for the long-term effect.
It's great to get such a quick and accurate reply. Likely someone has written an article on this development so I'll have a snoop around.
It would still be interesting to know if there is a new large holder of Steem. Perhaps one big buyer swooped in to get stake and influence!
I agree with you completely. If you look at most of the huge swings with other ALTcurrency most of them happen to be on other less popular exchanges and when they then do get released into bigger markets they correct and then blow up.
Thanks for this info. I'll have a further look!
Great Observation! It will be interesting to see just the markets alone get there structure in tact. To think of all the changes we have seen in the last month between the influx of buy ins from a single country alone. We are building huge influx of traffic and we dont realize it.
SBD is making me crazy now.
Are you holding SBD? I often use the internal exchange and buy Steem during spikes.
Yes I do the same thing.
It is important to remember during a rise in the price of steem from news, that even though their might be new investors, the monetary assessment of the company is often over exaggerated from pump & dumps (creating artificial highs and low). This is natural in the crypto world because of the speed that makes it easy for pump & dumps and all transaction to happen.
Very good points. By the way I watched your presentation at Steemfest 2 via streaming. So cool! Congrats!
Indeed ^_^ Oh wow, thanks I really appreciate it, means a lot to me. I really enjoyed presenting it. In the past I only have been only doing hypnosis for those in my local area but now I plan on sharing more of my hypnosis knowledge and demonstration online under an account/website completely dedicate to it. Hard to make time for Just need to make time to do all of that, when people like you appreciate what I do I get even more motivate to share it. So thank you :)
An great information @kus-knee.
Thanks for having a look!
Check out the graph on Steem Dollar ... was up over 200 % to $3 !!!! That is crazy. https://steemit.com/steemit/@offgridlife/steem-dollars-sbd-soar-211-now-over-usd3-wow
Amazing!
IF you have SBD lying around on markets u should def sell asap if you haven't done already, and take the profits.. it will go back to the 1$
Good point!
Si, ma il voto è sempre basso!!!!!
Va beh. Andiamo avanti! Tenti con @bellyrub. Ha funzionato bene per me oggi.
It is not easy to find a reason always for price changes in a global market.
True. A few interesting theories were put forth though.
This is a good bounce. Steemit is working fast
had the same thoughts, checked my blockfolio and was suprised and needed to check for news why we are up so much.
So I hope this will be more than just a quick pump as fe monero has done very good after it got listed to a korean exchange.
Lots of stuff happening to be sure!