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/
