It seems the recently released Weiss cryptocurrency ratings are already making an impact on the markets. With only a handful of currencies receiving decent ratings – some of which still have zero working technology – it is evident this document will influence the markets in one way or another. Steem, the currency of the Steemit platform, is currently surging in value as we speak. With a Steem price of $6.3 at the time of writing, we are not too far off a new Steem price all-time high.

STEEM PRICE IS ON THE RISE

There ar several currencies that ar still troubled to carry onto their 24-hour gains without delay. Most of the highest altcoins ar still within the red or barely within the inexperienced as we have a tendency to speak. more down the list, we have a tendency to bump into the Steem worth that noted a forty one.6% gain over the past twenty four hours. it's value mentioning there's conjointly a forty two.59% gain over Bitcoin, that indicates the altcoin isn’t simply piggybacking on the Bitcoin worth without delay. a awfully spectacular flip of events, though all of this could be temporary.

More specifically, we've got seen multiple Steem worth will increase that ar invariably followed by a steep correction. whether or not or not this new worth surge is completely different, remains to be determined. With this fast worth spike commencing of the blue, it's evident there'll be lots of people that take profits then move to ensuing currency. The Steem worth hit $5.6 some days past and quickly born below $4 as a result. Ever since, we've got seen this violent and sharp uptrend pushing the worth to $6.5.

Even though this current forty one.6% gain is pretty vital, the momentum won't essentially be sustained for for much longer some. After all, the cryptocurrency markets ar still in AN implausibly volatile position without delay, and things can amendment over time. Right now, however, things will simply flip against the Steem worth for all we all know. assumptive that happens, a Steem worth drop to $5 or lower wouldn't be out of the question either. For now, the Steem worth seems to be during a sensible place, however this can be solely a fugitive snap in any case.

It will seem the Steem commercialism volume has picked up slightly. a lot of specifically, we have a tendency to see $412.5m price of volume over the past twenty four hours, that is pretty high. Compared to a number of the highest altcoins, it's actually lots beyond most of the people expect immediately. it's evident there's a real demand for this specific currency, albeit its use cases ar still somewhat restricted in nature. Then again, all cryptocurrencies ar valued supported promotional material and speculation, so there’s no reason to assume Steem would be any completely different.

Interestingly enough, it's the Korean Upbit exchange driving just about all of the Steem commercialism volume immediately. Almost 87.5% of all Steem trades originate from this company’s KRW and BTC pairs, that is pretty spectacular. It additionally shows the remainder of the planet is way less curious about this altcoin, with Bittrex generating $33m in volume. however all of this can play out for the longer term Steem value, remains to be determined, for the nonce. There’s an honest probability we'll see a better value within the close to future, however there’s a really real probability a correction can follow shortly afterwards.