The cryptocurrency market took a hit this past week - most of the Top 50 cryptocurrencies posted 7-day losses of 5% or more - Steem (STEEM) and Steem Dollars (SBD) appear to be weathering the storm.
Steem (STEEM)
Despite falling more than 20% from last week's high of $0.204160, STEEM is currently trading at $0.161415 and posting a 7-day gain of nearly 10.5% and a 24-hour gain of 2.03%.
I am not an experienced trader. I don't understand patterns (yet) and any price predictions I could make (which I won't) could probably be made more accurately by a magic 8 ball. BUT if you look at STEEM's one-year chart, it shows something interesting.
Last week's sudden spike notwithstanding, STEEM prices have been climbing fairly steadily since the beginning of January. Granted, the price jump was likely largely due to the announcement that STEEM had added support for non-fungible tokens (NFTs), but there are other developments going on that may be contributing to the price upswing too.
D.Tube, the video sharing platform built on the STEEM blockchain, is becoming increasingly popular and Splinterlands, a collectible trading card game also built on STEEM, is currently the #1 DApp on State of the DApps with over 4,000 daily active users.
All of these events combined could be the catalyst that STEEM needs to recover from the falling prices that have been plaguing it since April of last year.
Steem Dollars (SBD)
Steem Dollars (SBD) is performing even better than STEEM. After spiking more than 22% yesterday - from $0.740493 to $0.906505 in about an hour - the price of SBD settled down to around $0.80. It is currently trading at $ 0.797748 for a 7-day gain of 20.2% and a 24-hour gain of nearly 6%.
Looking at SBD's one-year price chart shows a similar price upswing to that of STEEM, though more pronounced.
Not surprisingly, SBD prices are closely correlated to that of STEEM. Just like STEEM fell into a downward trend in April of last year, so did SBD - though the drops were perhaps not quite so pronounced.
If STEEM is entering into the beginnings of a recovery, what are the odds that SBD is too?
Have a great weekend everyone!
Cynthia