That marks a 4x return in just the last couple of days for anyone buying in the $.07 to $.08 area.
Not only is the price flying, but it is doing so on blistering volume. Over the last 24 hours close to $6.5 million dollar volume has traded hands. That is absolutley massive.
Why is this all happening?
I am not entirely sure. Cryptocurrencies are ripe for manipulation, so it really could be any one with a couple million dollars dictating things. There were also rumors of market makers getting involved at some point, perhaps this is them?
What makes this rally even more peculiar is that it happened after seemingly terrible news (Dan leaving).
Does the rally continue from here or does it need to rest for a bit?
Again I am not totally sure but from a technical standpoint, the price has broken a year-long downtrend and it broke it on massive volume. Both very bullish signs.
Right now the technical term for what is going on with the price of steem is simply known as: "badassery!"
Here's to hoping it continues!
Live well my friends!
Sources:
https://coinmarketcap.com/currencies/steem/
Follow: @jrcornel
There was a huge sell wall of 20 BTC sitting at 30K Satoshi. It is gone now.
Time to rise some more :)
Badassery!
:) Good call :)
very good . $) hehe
Yes, very good indeed!
I like the term 'badassery' :D
That is the technical term ;)
nice post @jrcornel
Go steem go!
Here are five factors that could have played a role:
I think it was likely some combination of the above. Although I'm leaning towards a new investor being the driving force...
Or simply, because trust has come back with a new management! Who invests in a poorly managed business?
I'm personally leaning towards the market makers theory... but really it could be any number of things.
After being downvoted I transferred and exchanged my liquid STEEM that was purchased around $0.07 out of frustration. Then the price shoots up to $0.30 + a couple of days later :( 0uch that hurt!
I believe the price bumping up is due to ppl seeing how fast Dash/ETH had came up and now see the power of purchasing anything else besides bitcoin. Ppl are starting to put faith into other coins oppose to just seeing bitcoin as the dominant. Their are new sheriffs in town so-to-speak ;)
Bitcoin going down these last few days is PROOF that ppl are buying up these Alts as they are much cheaper, trying to get in on some nice fast returns.
Man that is bad... I'm sorry to hear that! Hopefully steem keeps rising!
@jrcornel
No need to be sorry, that little m0ney wasn't life-changing but could have been a start ;)
I am 100% positive that STEEM will one day be in the $100's & up and THIS is what I'm really waiting for! I still have other coins as well such as 3URST and soon LUNYR_ETH Based(Mar.29th Crowd$ale).
Forex-Trading will be my bread & butter so, I'm not too upset but it would have been nice to see the liquid STEEM up 4 X in just a matter of days ;)
$100 per steem would be pretty awesome. I think there might be too much supply for those kinds of numbers, but anything is possible!
Thanks for sharing information.
Nice post @jrcornel
Good job.!!!
You got it!
And the price of bitcoin is below 1000$.
Steem IT !!!!
Bring that money on over into Steem! :)
everyone seemed to knew, just had to wait for the downtr-end
Could be. The downtrend is officially over now. Time for an uptrend!
This is great to see and I like your straight forward explanations and analysis... and admitting that there is some uncertainty to the causes. There is definitely some logic that Steem is benefiting from BTC going down and being overpriced. But there are many altcoins and Steem seems to be doing the best. My guess is that one advantage Steem has over the others is the vast social network and the Steemers that are mostly heavy bloggers, You-Tubers, etc. The bloggers and You-Tubers, etc. being attracted to this new platform is great because they will naturally market it. The trick now would be to make sure that the momentum keeps going and those that are new to Steemit enjoy it and stay interested... like me.
Bingo! Nicely put. It seems to be happening at the right time too as the site is getting ready to accomodate the masses!
This comes at the tail end of such a wild week. Great to have this kind of price action that will hopefully grab some new users! It's still way undervalued! Thanks @jrcornel
Yep, the market seems to do the opposite of what everyone expects far too often. It's retracing a bit now, but the downtrend was officially broken.
Yup I think it's healthy to retrace a bit here. Agreed about the downtrend. Looking at the chart now, the trade volume we're experiencing is insane!
Yes, the last 24 hours is over $7 million dollar volume now... That is big boy money!
Pump is not fundamental change leading to value increase.... unless economy model is fixed, price will dump back to 0.07$ and lower (would not be surprise to see 0.01$ and below). Congrats to all who caught this pump. PS: I too like Steem(it) but no more investment from me until it's fixed so it makes sense long-term (already lost lot of money here, but that's fine, that's also life)
Good point, but one could also make the argument thay $.07 might not have been a fair value either (on the low side). Prices are often forward looking and there are some big things in the works for later this year.
Well, fair value is subjective matter. From investor PoV, Steem has no value at all, because it's inflationary platform without any business model. From user point of view it has value and users can sponsor it to keep it alive (which was also my case). Anyway my hope was also that platform will also generate some profit without this "sponsoring" one day. It's not. Unless there are changes to support this, I'm not willing to sponsor it anymore. I've spoken needed changes many time with no adequate response. Value of STEEM currently doesn't matter to me, because it only reflects level of sponsorship (or hopes at best) to this platform. For many people it's not a problem to continuously support STEEM by gains on other projects. If they like it and if there are such a people we can see price increase. If there are no such a people, there will be only price decrease or PnD sometimes. Currently STEEM is non-profit project - period. And price will reflect that. Sad thing is that Steemit has (had) a potential to get like 100 million users or more and and generate at least 10$ per year per user with all the advantages it has. Like this, it will be just minor community experiment. I'm not saying it might not change - but so far (almost) nothing was done in this direction.
I am currently on a search for posts I like at varying dollar levels, just to see what I add...twenty one cents to this one baby, badassery is right!
Nice post.!!!
Resteem @jrcornel
Thank you!