The prices of the Steem digital currency rose by 50% after the market research company Weiss Ratings assigned a "B" score, making it one of the five digital currencies that rated "C +" and raised their rankings above the Betquin.
Steim currency prices up 50%
Steim's currency, the platform of social media based on the Blocin and created by businessman Dan Larimer, went through a quiet period last year. Like many other digital currencies, Steam experienced a huge appreciation during the year, but lagged behind the market index in the fourth quarter of the year, up to December.
In the last month of last year, the one-dollar Stim dollar exchange rate burst on December 1 to an unprecedented record high of $ 7.31 on the third of this month, fueled by a huge volume of trade in South Korea Big. The rise was unsustainable as inexplicable, and by the 17th of this month, the currency had fallen to $ 2.89. However, Steam prices rose again this week, rising 50% in just 24 hours to $ 6.51 on the Bittrex platform, representing a market value of $ 1.6 billion.
One of the factors behind this, though slightly troubling, is that more than 87% of Steam's daily trading volume is concentrated on a single trading platform: the South Korean digital currency trading platform Upbit. One does not like to see trading volume concentrated on a single trading platform or in one market. This is particularly true of South Korea, as regulators are hesitant about their position on the country's booming digital currency markets.
The price of the Steam currency rose after Weiss offered an optimistic rating
The current rise in Steam prices appears to be linked to the release of the "Weiss" report. Earlier this week, "Weiss Ratings" released the digital currency score report, which the company says is the first such report to be submitted by a rating agency. The ratings, which leaked quickly through the Internet, were quickly criticized by insiders on the digital currency field. For example, the currency of the Betquin was rated "C +", leading the co-founder of both Atherom and Cardano to say that the report was "crazy".
However, although the report has been ridiculed, it has proved to be optimistic about Stem's currency, which was one of five digital currencies that received at least a "B-". In this exclusive collection, which also includes Atherom, Cardano, EOS and NEO, Steam is the only digital currency that is not currently among the top 10 digital currencies by market value. Thus, the "Weiss" ratings provided the Steam currency with an unusual spread over the media, dressed in the appearance of the undervalued commodity, which increased in the middle of the week.