The market is battling to stay above $280 billion over the last 24 hours led by Bitcoin getting past the $6,800 resistance. However, it has not been able to stay there so the market is closely looking at where it goes from here.
As usual, STEEM & SBD are moving in the same direction with some more strength. Interestingly, SBD catching more of a bid than STEEM:
Could a potential run towards parity be coming?
I am not so sure though given some interesting things going on the exchanges. We all know that HitBTC has had some issues with SBD in that the price is currently multiples of the reality given the limited volume there. CoinMarketCap has excluded those numbers to avoid not adequately reporting a good average. However, have you seen what is going on at Bithumb with #STEEM?
Despite having more than 50% of the total STEEM volume, CoinMarketCap is not including the higher price in their calculation. It does seem like an outlier but with more than 50% of total volume, there may be something happening that is causing this demand. Bithumb is a large exchange (would be 3/4 in last 24 hours but CMC also excluding due to free trades) in Korea and was one of the last to list #STEEM. It would be interesting to know what is going on here.
What are you thoughts on these movements? Does #STEEM have what it takes to move away from depending on Bitcoin for moves? I look forward to your thoughts in the comments below!
source of images and data: https://coinmarketcap.com/
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