Trading Recommendation:
HOLD, broader market direction is uncertain, significant risk of STEEM falling if SBD returns to $1
Investment Recommendation:
HOLD, expecting to be much higher after the release of communities, SMTs, and partner applications
Analyst Commentary:
The STEEM price is down 8.27% verse the USD over the past 24 hours on significantly lower volume ($34,986,000) as Bitcoin slowly falls to $8.4k but STEEM follows downwards. STEEM has switched directions and is losing ground verse Bitcoin with Korean trading still leading the volume as it accounts for 85% of market volume. New account creation data is not available today. The % vested indicator is up at 72.20%. SteemDB has caught back up and I have updated the power down graphs. Daily active account data is not available today. SBD is at $4.49 on Bittrex which is still very elevated over the peg, receive you rewards in 50% SBD and then use the SBDs to buy STEEM on the exchange. SBD conversions are a waste of money again!
For traders, I believe STEEM is fairly valued around the $3 level, but we will remain elevated until SBD returns to the $1 peg. On the investor side, I believe we will be significantly higher after communities are released and the account creation problem is solved (the timeline for this is currently unknown). I would power up your rewards and buy after STEEM corrects to the $3 level.
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Data Credit:
Coinmarketcap.com
Steemd.com
Steemdb.com
Coindesk.com
Disclosure:
The report published above is based on my assessment of the cryptocurrency market. Investors should consider this report as only a single factor in making their investment decision. All investments involve market risk, including possible loss of principal invested. The author is a cryptocurrency investor and while he seeks to provide honest assessments to the best of his ability may have a conflict of interest that could affect the objectivity of this report.
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