Part of the reason Steem is mooning is market psychology. The price languished at around $1 for so long people began to accept that $1 was 'the price of Steem' (and the Steem Dollar). For the past month the price has broken this trend. Now people who previously wrote an article, waited a week, got paid and cashed it out are now waiting. Why sell at $x when it might be $2x this time next week? This wait and see approach is drying up the available Steem in the market and pushing the price up. Those who sold 2 months ago must be kicking themselves.
yes I am pretty sure they do :)
No doubt people are beginning to realise the potential here.
Yes it all good for building the brand, the price goes up -> people talk about Steemit -> people join Steemit -> people buy Steem -> the price goes up etc.
Great little article! I agree with your logic.
It always makes me nervous to see prices increase so quickly. It feels pumpy and dumpy. I am very confident in steems future but would prefer a slower rise based on improvments to the system and adoption. Dont mean to be a nah sayer but these big jumps are giving me a heart attack.
I agree, spikes like this tends to be due to speculators, who are just holding for the pump. Long term holders power up and therefore can't dump. Weak hands are shaken out after the spike is over. The risk is that much of this accumulation is not being powered up and will therefore go the same way it came. It has stabilised nicely today though a bit of sideways movement at this point is a good thing.
doesn't seem like it will stop now after getting highlighted in the market cap :D
Yes now within touching distance of $8... where will it stop!?!
$8 achieved now $10 is not so far away too :D
whenever i think to buy steem it goes high what is this happening
Everyday i get impressed by looking at steem price. People are realizing the potential of this amazing platform :D
Yeah the people sold it earlier might be having some trouble now ;)
but for the holders of Steem/SP shall have a great profit in the future :)
Thanks for explaining the reason !
Good analysis, my friend. Many of us were waiting for this. Unfortunately those of have had needs, they have spent some SBD. now it's time to organize new strategies to win + win
its just gone insane the chart is just going up up and above
the way it is rising my target would be $34
No doubt people are beginning to realise the potential here
Great analysis,I agree with you.i wish I had discover steemit earlier.