Everyone is excited about the sudden rise in the value of STEEM!
As I write this, it sits at about $7.50 per STEEM; this equates to a market cap of just under $1.9bn - the highest it has ever been!
OK, all the above is obvious to anybody who follows cryptocurrency prices.
But why is this not reflected in the value of your Steemit Wallet?
A quick check will show that within Steemit, the value of STEEM is currently about $3.20! (All these values are as I write and are liable to change rapidly.)
Why the huge difference?
Well, to avoid the whole ecosystem (and post rewards) from jumping around wildly, the price is calculated as the median value of the price feeds over the previous 3.5 days. This buffers the system from any sudden shocks and, if the price stays high, this will be slowly reflected within Steemit. This is stated in the Steem White Paper.
So you should see pending rewards slowly rise even without new upvotes, and you should see the total value of your Steemit Wallet also rise... but again, slowly.
So enjoy a smoother rollercoaster ride!
image: pixabay