Market starts to recover, but not yet the time to celebrate

Everyone must be very excited to see the huge increases of Steem and SBD in the past 12 hours. The whole crypto market also started to recover. But I think it is probably not yet the time to celebrate. We should continue to closely watch the market.

First, the increase of the top 10 coins is still very limited. When I am writing this post, none of the top 10 sees a double-digit increase in 24 hours. Even for the top 100 coins, not many get a double-digit increase. In contrast, in previous time when market fully recovered, we saw a majority of coins increase by 20%, 30% and even more.

We can confirm that the pumps of Steem and SBD are made by Koreans. The Korean exchange Upbit Steem/KRW contributed 56% and SBD/KRW contributed 88% of all global volumes. Why Koreans suddenly get interested in Steem/Steemit? Anyone knows? However, if it is Koreans that pumped Steem/SBD, it may not be a good thing. If you remember that Koreans pumped Ripple to $3.8 several months ago, you probably also remember how it looked like when Ripple dropped.

When I am writing this post, the overall crypto market cap is still below $280 billion. Compared with yesterday, we have seen a little recovery, but I don't think it is the time to celebrate yet. We should keep watching the market.

Personal opinion, not financial advice.