Trading Recommendation:
HOLD, broader market appears to be pivoting to a rally, buy in if you're aggressive, significant risk of STEEM falling if SBD returns to $1
Investment Recommendation:
HOLD, expecting to be much higher after the release of communities, SMTs, and partner applications
Analyst Commentary:
The STEEM price is up 9.85% verse the USD over the past 24 hours on higher volume ($7,227,110) as Bitcoin holds at $8.5k and the broader market is up as the bear market appears to be ending. Korean trading is leading STEEM higher and its domination of trading volume has increased to 64% of trading activity. STEEM is up slightly verse Bitcoin but I want to see one more day of strong upward movement before I can call a new rally. New account creation is strong with 1,800 new accounts created in the past 24 hours. The % vested indicator is up at 71.05% as the elevated SBD price continues to drive investment. Daily active accounts is up at 60,033 accounts active over the past 24 hours. SBD is at $2.17 on Bittrex which is still very elevated over the peg, receive you rewards in 50% SBD and then use the SBDs to buy STEEM on the exchange. SBD conversions are a waste of money again!
For traders, I believe STEEM is fairly valued around the $3 level, but we will remain elevated until SBD returns to the $1 peg. On the investor side, I believe we will be significantly higher after communities are released and the account creation problem is solved (the timeline for this is currently unknown). I would power up your rewards and buy after STEEM corrects to the $3 level.
Marketing Trust
Please support the @marketing-trust by following and upvoting the daily posts. The project was created to generate capital for a paid advertising campaign to promote Steem.
Data Credit:
Coinmarketcap.com
@penguinpablo Daily Report
Steemd.com
Steemdb.com
Coindesk.com
Disclosure:
The report published above is based on my assessment of the cryptocurrency market. Investors should consider this report as only a single factor in making their investment decision. All investments involve market risk, including possible loss of principal invested. The author is a cryptocurrency investor and while he seeks to provide honest assessments to the best of his ability may have a conflict of interest that could affect the objectivity of this report.
SmartSTEEM
I'm a member of the SmartSteem team. Earn income by selling your votes or promote posts by buying votes through the banner below (referral link).
I'm not an investor, I'm a user of Steemit. It's very important for me to raise Steem. Now panic among the large users of Steemit, although they collect, still, large amounts for their posts. And what about small fish with a small SP? It remains to hope that the situation will change for the better.
Keep posting and build a following, there is always hope :)
Frankly after a haze of corrections in the coming years certain cryptos like STEEM will be up LIKE YOUTUBE AND FACEBOOK, while others will fizzle away like MYSPACE...I love steem but I realize the inflation rate is huge. Bitcoin has no inflation at least in there's not a fork that changes that which would destroy bitcoins value. I would love to see the $100 in 5 years, I think $10.00 in a years time.
I think the STEEM inflation rate is pretty healthy, I agree it was too high when it was 100%
It's interesting how dominant Korea is in the markets. Is there just lots of spare money there?
I think there is a higher risk tolerance and it is still the hot topic there.
Voted, Followed, Resteemed.
Thanks @leongkhan, for this reasoned approach and I think a sound basis for optimism. While I have only been around a few months, I do not understand the SBD peg thing, as it seems this has not been the case the entire time I have been here. I think SBD were at 6 USD when I signed up. I'll need to learn more about how this works.
I agree with your point on value driven by the release of communities, SMTs, and partner applications. Hopefully, at least we get the account creation issue resolved soon (I would like this summer, but who knows). Since Steem valuation is really tied to the ecosystem, then these projects which will enable further creativity and development by the entire community will I think, set off a growth explosion the likes of which have not yet been seen.
I also think that this is a holding game right now, but that if we keep working hard and earning Steem and SBD, then will see the value of those earnings increase as the hard-forks deliver the needed functionalities.
@phaazer1 [SquareLink]
If you can dream it, you can Steemit