As we've noticed in the last few days Steem price has been moving upwards steadily. Today it seems as though we are hovering stable over $3. SBD seems to be maintaining parity. It seems to be right behind the price of Steem, often trailing behind by a few cents and rarely ever matching Steem in value.
Steem and SBD are trading in good volumes on Upbit. However as the screenshots (self-explanatory) show that most of the trading volumes are limited to the Korean market.
It's fantastic to see the love for Steem and SBD from our Korean friends and traders and I thank them from the bottom of my heart! However, it doesn't say much about the general sentiment for Steem/SBD in the market.
Steem generally has had low trading volumes, with most of the Steem powered up by the users. Polo was a top market for trading once but their wallets have been dysfunctional since ages. We've lost a big market for trading here. Polo has been extremely unreliable with poor customer support.
Personally, I don't recommend anyone to trade there anymore or hold any tokens until they get their act together. With binance and bittrex working so well, there's no need for Polo these days.
Steem is likely to continue to go up as the alt-coin market season seems to have begun with most alt-coins heading up from their respective bottoms. The question is, can Steem sustain it's upward journey based off Korean demand alone?
We have some people claiming on the trending that Steem will be one of the biggest coins on the market. For that to ever happen we'll need massive trading volumes as well as adoption amongst traders from all over the world. Such claims are foolish and shouldn't be entertained. We have our work cut out for us if Steem is to ever get back into the top 20 itself.
What if one day Koreans stop pumping Steem/SBD, what then? These are some questions in my mind as I watch the charts. As far as I'm concerned I'm slowly picking up as many Steem tokens as I can and enjoying the change in the season!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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