Trading Recommendation:
HOLD, broader market appears to be oversold and will likely rebound, 'Don't Panic', 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 up 20.94% verse the USD over the past 24 hours on higher volume ($3,671,150) as Bitcoin rallies to $8.6k and the broader market is up in response. STEEM erased yesterday's loses and currently sits just below $2. Korean trading still leads the volume and has increased to 51% of trading activity. STEEM is up slightly verse Bitcoin but I will watch for confirmation before believing it is a new trend. New account creation data is not available today. The % vested indicator is up at 71.03% as the elevated SBD price continues to drive investment. Daily active account data is not available today. SBD is at $1.97 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!
You may have noticed you have started receiving STEEM in your author rewards. This is the blockchain starting to compensate for SBD oversupply which will likely continue to increase until SBD returns to $1. Nothing to be concerned about, the oversupply will eventually help to correct the price downwards at which point users will start converting it to STEEM via the wallet conversion tools.
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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