Crypto Update: Steem, BTC and Crypto Explosion in 2018!
Well, it looks like it's going to be an amazing year for cryptocurrencies as things are really heating up in Jan 2018.
Steem is getting good press again and Bitcoin is on its push back to 20,000 USD on this lovely Saturday morning.
Many know both Steem and SBD recently hit an ATH (All time high) and based on the current chart analysis it is looking very bullish to push even higher in coming months.
In a recent article published by CryptoVest this month, several interesting points were made that I'd like to share with you now.
STEEM retreated a little from the peaks above $6. At the same time, a curious phenomenon is happening to Steem Dollars. The digital asset that was supposed to be tied to the US dollar by algorithm-based interventions, has risen toward $10.
It is interesting to note that in this recent pump SBD was first to make its epic rise beyond $13 before retreating to current levels.
I'm not sure what exactly this is attributed to but I've heard people say its about institutional adoption and I've heard other people say it's because of Korean support for the thriving blockchain and social network Steemit that runs on top of it. Either way there are a lot of happy bloggers out there now at these prices!
STEEM and SBD are instrumental to the ecosystem of the Steemit social media platform. Users gain Steem by posting, and can either exchange it for Steem dollars and move to fiat, or buy STEEM shares, which cannot be converted back to Steem. But now, Steem dollars have risen way above their intended peg to the US dollar, confusing the users of the platform, as well as investors.
It is true that SBD was supposed to be informally pegged to the USD but obviously whales can pump it easily. What that means is that there are some new unexpected dynamics relating to the Steem blockchain that people are currently examining. Since the epic SBD pump we've seen it retreat and we've seen Steem, the other related cryptocurrency pump to a new ATH.
People now seem to understand that Steem is a precursor to SBD and therefore it should be the more valuable currency as a result. Based on reports from some very influential Steem community members, they have all said that it would be wise to hold on to your Steem at this point because another epic rise is just around the corner!
Clearly thinks have been normalizing and it doesn't look like it will be long until Steem overtakes SBD once again. Of course, there are no crypto crystal balls laying around as far as I know of so this is speculation based on the experience of wise Steem community members.
Some, however, believe a price of $10 is doable in the short term, while the Steem coin remains an asset to put some funds into for 2018.
However, STEEM has not by any stretch reached a true recovery against Bitcoin, and may sink again if Bitcoin gains traction. STEEM mostly relies on trading on Bittrex and Poloniex, and the current rally may be short-lived.
I have long supported Steem and the social network Steemit. I research cryptocurrencies every day and in terms of a use case, this is one of the hottest projects going. If you've tuned into SteemFest2 it was recently announced that the Steem blockchain is number 1 for transactions and all transactions are FREE!
This is uncommon in the cryptospace to say the least.
I expect a long bright future for Steem, Steemit, Busy and all the other thriving platforms building on the Steem Blockchain.
I'm biased but I bet it's easy to see that I'm extremely bullish as well! So lets go 10$ SBD and 20$ Steem!
What are your expectations in 2018 in regard to Steem, Steemit and the overall ecosystem?
What are your short term and long term price predictions for the two cryptocurrencies SBD / Steem?
I couldn't have made it this far without you. Valuable comments are often rewarded with upvotes! Thanks for dropping by @techblogger!
Surce:
Steem Bursts to All-Time High, Predictions of $10 to Materialize? - CryptoVest
If the high SBD price keeps up then STEEM should be definitely worth more than it is now, perhaps even by a factor 10!
However, I do not think the situation with SBD is natural and I suspect something fishy is going on. It is probably cause for the rise in STEEM as well, since Steemians can use their SBD profits to buy more STEEM. Or atleast, they were until the price ratio got smaller recently.
I've got my own suspicions that perhaps somebody is draining the reward pool with bots, using those profits to in combination with smart trading bots to drive the price up of SBD, thereby increasing the profits of the bots draining the reward pool even more (and all of ours with it). I don't know how to find any facts supporting this though.
And I'm not sure I mind either, I love my payouts with this high SBD price!
Very interesting! This may be completely true. The economics and inner-workings of the system are beyond my pay grade at the moment but I suppose its time to dust off that old whitepaper and read up. We need to know what we are working with here at bare minimum!
Awesome read. Tough to predict where any crypto will go, but Steemit definitely is one of the few that feels like a movement versus a fling. Excited to see where it develops!
Definitely. I've always thought Steem was a cut above the rest. The main reason is because they actually have a REAL use case. Look, I'm replying to your comment right here! This isn't fluff, this platform, this ecosystem is real!
I was told before to HODL SBD and not Steem because more Steem can be created (or something like that). But I'm seeing how Steem is rising and I'm tempted to sell my SBD for Steem and once it increases to a nice amount, i'll power up to Steem power. Decisions decisions...
That is a pretty good strategy. In fact, I've always traded my SBD for Steem and powered up at least 75% of it while making side bets on EOS and other promising cryptocurrencies. Good ideas presented here!
I’m bad at price predictions but when SMTs start rolling out we could see some fireworks.
That is a valid point there. I think a lot of this pump is based on the fact that SMTs are just around the corner. Let the fireworks begin when they are ready eh?
Let's go to 20$ Steem ✌
That would be lovely wouldn't it!
Don't forget to power up!
Agreed! Powering up is what it is all about if you believe in the Steem vision and ecosystem. Just check my wallet and you'll see thats what I've been doing a lot!
Thanx for the information. we all know steem is reputed currency that makes our future well.
Hold it all for the long haul! #crypto #currency #future
Sounds good to me!
I am new to Steemit and really like the format and that there are a wide range of topics people write about. I hope the new year brings some usability improvements to the site. I feel like there are so many steem related services and am unsure if they are official or what and it's not clear to a newbie. Why does everything need it's own steem____ name? Can't it all be steem? I have no expectations about price I just hope it stays at a rate that everyone is happy with to keep blogging/vlogging.
Welcome to Steemit! Best of luck in your publishing efforts. The biggest tip is to just keep improving your writing and posting about interesting topics! Take care.
Even if SBD and Steem price stays as is for a longer duration of time, I believe people will still be happy with the platform, free transaction fees, and the community.