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.
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.