Market Update: STEEM MOONING/SURGING, Bitcoin Stabilizing, SBD Rising
Hi everyone. This market update article will feature news of STEEM's recent moon/surge in price, Bitcoin's stabilization of price, and SBD's rise. Let's begin!
Steem to the Moon
STEEM is currently rocketing off to the moon, currently trading at $1.57, which is over 57% up from a week ago!
It's pretty clear this rise is due to @steemit and @ned's recent announcement of Smart Media Tokens, a new STEEM blockchain service allowing other publishers and news companies to create their own tokens/cryptocurrencies like STEEM.
Though STEEM is at a high right now, I don't recommend selling your STEEM. In cases like this, I find that holding or buying STEEM is still the best way to go, as many analysts pin STEEM's true value as much higher than the current price!
Bitcoin Stabilizing
After a tumultuous slump and recovery this month, Bitcoin (BTC) seems to be stabilizing around the $4100-$4200 range (currently trading at about $4190).
Though volatility is still persistent, Bitcoin has now safely passed the $4000 mark and doesn't seem to be dipping back there any time soon. Though the price has been pretty consistent for the past few days, we are up 16% from a week ago and almost 600% from a year ago!
Steem Dollars (SBD) Rising
Steem Dollars (SBD) are also rising just like Steem, and are currently trading at around $1.05.
Though an SBD rise is a good thing, SBD's are meant to be valued at $1.00 and will bounce back around there, so when SBD's are overvalued it's a good time to sell them for STEEM. SBD overvaluation also shows heightened interest in Steemit and is good news for all of us :)
Thanks for reading,
— @mooncryption
announcement: @mooncryption is now on other social media! Use the buttons at the right to find our various social media pages from Steemit to Facebook to Twitter! :)
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Let's hope Steem continues on it's upward trajectory. I like seeing my wallet $$ increasing.
Ned's addnouncement of SMT has to be driving it, so we may see it drop once the initial hype wears off, or perhaps it will keep climbing as more people understand SMT. Regardless, I'm into Steem and steemit for the long run.
Exactly. SMTs are the cause of the recent surge, as you said, so it's unclear whether Steem will undergo a correction or keep rising. Let's hope for the latter!
Steem is at the beginning of something revolutionary
Yes, I'm also very delighted the developers chose to create SMTs and let the competition catch up rather than keeping their revolutionary tech for themselves.
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