STEEM following SBD in its footsteps!
Yesterday we saw that SBD was trading at $3 (check my post about it here). Today it's up to $5! But maybe more importantly, it seems like Steem is following this trend too!
Steem is now sitting at $1.66, which indicates a growth of over 60% since last week. Still, this looks like nothing compared to what SBD is doing, but by itself a 60% rise is great too.
Steem is now capped at $400 million USD(!) with a daily trading volume of $18 million.
What does this tell us?
Well, it looks like this trend was set in motion by the growing Steemit community in South Korea and the listing of SBD on a Korean exchange. Thus, Koreans can now buy SBD directly with fiat money. This makes it easier for the average person to start exploring the crypto world and contribute to the steem blockchain. This also makes it easier for long-term investors, since they don't have to go through the process of buying bitcoin or another currency first, before they can buy Steem or SBD.
Secondly, this also tells me that it's always smart to diversify your Steem wallet. Who would have ever thought SBD would rise to $5, while Steem itself stays below $2? I wish I had kept some SBD and hadn't sold it all for Steem!
The question now is how long this will keep going. Is it healthy for SBD to rise so quick? Is a crash inevitable? Or is this the start of something bigger?
I would love to hear your input in this, as I'm still a crypton00b and I'd love to learn and see other perspectives.
Have a nice day!
--> All images taken from coinmarketcap.com
All this is beyond my achievable imagination. Why Koreans would buy SBD for cahs, if they can do the same on twice cheaper STEEM. ??? Why?
I have no other explanation, except that Some weird, hard to understand manipulations are taking place. SBD shall go back to 1 USD, while STEEM is on it's route to the moon. It sure will happen.
The only 1 mln dolar question to be answered is
WHEN?
That's what I'm hoping for too.
And yes, it seems like SBD is being pumped to hell. Let's hope not too many people will buy in without knowing what they're doing.
Thanks for reading!
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Thanks!
Correct me if I'm wrong, but unless they made changes at some point that I wasn't aware of, I thought the SBD was pegged to the dollar. Which if this is still true, would be crazy to see this high of SBD. I would think it would have to come back down fairly soon, with STEEM not too far behind overtaking SBD's price.
It's supposed to be pegged, yes. But apparently they don't have a mechanism that makes sure it stays at $1. I should check steem.io and read the whitepaper to see how it works exactly.
Thanks for reading!
SBDs are "half-pegged" there is a floor at $1 because you can always use the "convert" feature to get 1 SBD worth of Steem regardless of market price.
There is no mechanism for keeping the price from rising except that when people receive rewards it prints more SBD which increases the supply and puts downward pressure on the price.
So it will never go below a dollar and when it goes high, the price will eventually trickle back down as people start taking 50/50 rewards instead of just powering up.
Hope that helps.
Thanks a lot for the clarification! That's a nice mechanism to keep it at $1. Although I've seen it go down to 90 cents, it didn't go lower than that, so apparently it works :)
Yeah, it's a nice solution! If you ever see it below a dollar, use the "convert" feature. Otherwise just use the market.
Is there a way to chart the prices of STEEM vs SBD vs Steem Power?
You should be able to make a graph yourself with Excel. You can find the numbers on coinmarketcap for every coin, under the tab 'Historical Data'. You can copy that into excel and extract the data from there into your graph.