I have seriously been looking all over for why the sudden surge. Why so much and, maybe more importantly, why now? I agree with your assessments above regarding @penguinpablo's information. There has definitely been a serious spike in active users. Word is starting to get out. That's one of the most exciting things about this platform. Word spreads exponentially. We don't just add a few here and there. The more people that use it, the faster it can grow. With all the bells and whistles coming down the pike for 2018 this could really get crazy.
One thing I would add to this is that SP can't be powered down overnight. It takes 13 weeks to get it all back. That means that whereas a "normal" crypto that has a price spike will have immediate profit-takers, much of the Steem currency is "locked up" in SP. So, there isn't nearly as much "liquid" steem out there to sell when the price moves. I would look at the "power down" vs "power up" numbers over the next couple days and see whether it spikes. That should give some indication as to whether this might continue, hold, or pull back some.
Regardless, it sure is fun to see it move in the right direction!!! Thanks for all you do @swissclive!!! Steem On!!!
I think that people who own steempower are not speculators. Steempower was mostly bought for its utility as a curation and blogging tool. (Vanity).
I don't see loads of people powering down to get USD, because the question they would face is where to put the money. Keeping it in cash seems pretty pointless unless you need it. But if you needed it, then it would have been stupid to buy SP in the first place.
Both good points. I hope you're right. You're definitely right about the logic behind powering down. It doesn't make a lot of sense.
One nice thing about not being on many exchanges, it's not easy enough to get for there to be too much speculation. That said, it has still traded over $90M on bittrex over the last 24 hours which works out to somewhere north of 15M+ coins changing hands. Probably closer to 20M. That's a really good number. Almost 10% of the "float". That's very bullish for the future....we'll see.
Thank you. Yes, I've tried to logic my way through how SBD, Steem, and SP interact and affect each other and I haven't really been able to figure it out yet. I would think the gap would narrow as people "convert" SBD to steem and SP but.....by converting it, they lower the supply of SBD so then, by definition, the SBD still out there becomes worth more. It's kind of a chicken & egg scenario. It will be interesting to see what happens as Steem becomes more and more in play to the overall crypto community....