I go away for one day and STEEM prices jump over 127%! What happened?
There is a serious run on STEEM. What did I miss?
- Did Dan come back?
- Did Argentina suddenly decide to adopt STEEM as its national currency?
- Did a lottery winner ask for their winnings in STEEM?
What the heck?
…not that I am complaining. I have been shifting from Steem Dollars to STEEM over the past few weeks, so this is really nice. But what has precipitated this Christmas-come-early turnaround? I know there are a lot of smart analyst-type people out there. What say you?
dead cat bounce, ready to unload my steems!
As of right now, looks like you have a lot of buyers out there willing to scoop up your steems.
I think it's because of the massive amount of money that just got dumped into altcoins. Steemit is honestly one of the only feature complete sites to use cryptocurrency so people are probably wondering what to do with their coins.
Why did people dump money into altcoins and how does that help Steem?
It helps Steem gain visibility. Not sure it'll stay this high for long but who knows. People dumped their money into altcoins after the Bitcoin ETF got rejected. People are gaining interest in altcoins mostly because Ethereum and Dash more than doubled their values and market caps.
Yeah, I knew that people were looking for alternatives after Bitcoin didn't get the ETF, but didn't realize that altcoins was a big benefactor. Are you saying that because Ethereum and Dash were no longer considered cheap, then they started looking at altcoins? And as an extension to that logic for altcoins, they also looked at Steem? But Steem went up much more just in the last 24 hours.
Essentially before now, not many people believed in altcoins. But as bitcoin approaches issues of scale, higher transaction fees and will potentially hard fork soon, the market is more willing to take a chance. It also helps that Ethereum and Dash are faster cheaper and will be using a proof of stake system that is similar to paying users "dividends". So whether or not Steem is being used as "pump and dump" to get other currencies, or more people are interested is beyond me. There is definitely a high amount of interest in all cryptocurrencies right now though.
Something is definitely going on. I would be interested in the geographic distribution of the buyers.
There are a lot of cryptocurrencies to choose from. We are up over 100% and the next closest, per https://coinmarketcap.com/ are only up in the +30% range. Not sure the discrepancy supports the theory people are just looking to park money somewhere. Steem has had over $3 million in volume in the last day.
I know it has a lot to do with being able to trade with both Bitcoin and Ethereum. Steemit has been around for a long time and is very undervalued at the moment. It's for sure a safe place to store your value.
Nice to see the big jump and I'm wondering too what's behind it. I have been looking and asking but haven't heard any good answers/explanations. Usually there is some type of event that leads to this type of big upswing.
I'm still trying to figure out this industry and the crypto's and blockchain technology.
Yeah, it has been weirdly quiet. Not even conspiracy theories!
Thanks for the heads up! If it weren't for folks like you watching every day I'd be pretty in the dark on Steemonomics.
Wow. Just an update, as of 11:26 PM Pacific time, STEEM is now at 141% for the last 24hrs, according to coinmarketcap.com and a whopping 151% per poloniex.com