BUY, price drop is an opportunity to buy, significant risk of STEEM falling if SBD returns to $1
BUY, expecting to be much higher after the release of communities (coming soon), SMTs, and partner applications
The STEEM price is up 1.07% verse the USD over the past 24 hours on lower volume ($9,762,920) as Bitcoin is continues to fall at $8.5k and the broader market is mixed. STEEM has recovered verse Bitcoin as Korean trading continues tolead the trading volume with 41% of the trading volume. The overselling of STEEM and many other cryptos looks like a great buying opportunity once they settle out in the next day or two. New account creation has spiked up even further to 2,800 new accounts created in the past 24 hours as Steemit may be catching up on the new account backlog. The % vested indicator is up at 71.26% on steady power downs and higher power ups. Daily active accounts is down to 59,353 accounts executing transactions over the past 24 hours. SBD is at $2.18 on Bittrex which is still very elevated over the peg, receive you rewards in 50% SBD and then use the SBDs to buy STEEM on the exchange. SBD conversions are a waste of money again!
For traders, I believe STEEM is fairly valued around the $3 level even after SBD returns to the $1 peg. If SMTs and communities have the expected impact of broadening the use cases of the STEEM blockchain, STEEM could be fairly valued at $8 or more. On the investor side, I believe we will be significantly higher after communities are released and the account creation problem is solved (the timeline for this is currently unknown). I would power up your rewards and buy STEEM below the $3 level.
@penguinpablo Daily Report
The report published above is based on my assessment of the cryptocurrency market. Investors should consider this report as only a single factor in making their investment decision. All investments involve market risk, including possible loss of principal invested. The author is a cryptocurrency investor and while he seeks to provide honest assessments to the best of his ability may have a conflict of interest that could affect the objectivity of this report.