STEEM Is Appreciating Faster Than The Market
The latest market moves hinted at a potential bull run, or at least at the end of the bear market and the beginning of an accumulation phase, but it didn't last much. After briefly hovering above $4,000 Bitcoin fell abruptly, dragging the entire ecosystem with it.
But, even in this sudden downfall, there are some tokens which are performing better than the trend. One of them is, fortunately, STEEM.
As you can see from this Bittrex screenshot, taken a few minutes ago, STEEM appreciated almost 1,000 satoshis in less than 48 hours, growing from 7,931 to 8,899. In the process, it even briefly broke the 9,000 level, changing hands for as much as 9,241 satoshis.
The recovery happened on significant volume as well, so it looks healthy.
This growth propelled STEEM to the 8th place in a chart of most appreciated tokens, with a gain of more than 10% in the last 24 hours, as you can see from this screenshot from Coinmarketcap:
As usual, it's hard to tell what exactly maintains STEEM on the ascending trend, when the entire market goes down, but I can still remember the days when Bitcoin and alts were used as a balancing mechanism: when Bitcoin went up, alts went down, because alts owners were selling to buy Bitcoin, whereas when Bitcoin went down (as it happened a couple a days ago), alts went up, because people were buying alts with their Bitcoin.
It looks like we're playing this scenario again and, to be honest, as strange as it may seem, it's a much better scenario than a complete freeze across the entire market, like we had during the crypto winter.
Steem on!
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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If you think this is growth, you havent seen nothing yet.
Steem on!
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With the utmost humility I would like to say that I've seen STEEM trading above $8, but I think I understand what you mean...
Dont give up mate continue to post and comment.
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Do you see it above $8 again?
Yes. Just don't ask me when.
Nice to see....
OK so this is what played out. I noticed the steem price went down and sharply came up in the last 24hrs too.
Thanks for the information. I guess it is preparing for something much bigger.
It would be great to see STEEM again at around $8, although there is still a long way to go, perhaps this is the beginning of the positive changes.
I could be due too..
Taken from @pennsif's recent post earlier today.
It does have 8% of the volume paired with tether.
We are probably witnessing the end of the downtrend but not necessarily the beginning of the uptrend yet. We might see sideways markets for a while before a new uptrend takes place. That will lead to hard to understand market behavior to some crypto assets.
That Enjin coin though being supported by the new Samsung Galaxy S10 is rocketing... Wish I had listened my intuition.
Some goes up, some goes down, such is the sinusoid of life... :)
Well said. I often forget about it...
This post has been included in the latest edition of SoS Daily News - a digest of all you need to know about the State of Steem.
Maybe it has something to do with the lunch of @freedomex!😉
I guess it is even high time steem should stand on its own without depending on the bitcoin influence