Trading Recommendation:
HOLD, broader market appears to be oversold and will likely rebound, 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 13.29% verse the USD over the past 24 hours on lower volume ($5,326,370) as Bitcoin falls 9% in the last 24 hours to $9.03k and the broader market market is down in response. STEEM is falling verse Bitcoin as traders may be seeking to buy the Bitcoin dip. Korean trading still leads the volume but now only accounts for 57% of trading which is down significantly from the 80% it was hovering at 2 weeks ago. New account creation is strong at 950 new accounts created in the past 24 hours. The % vested indicator is up at 70.68% as the elevated SBD price continues to drive investment. Daily active accounts is down at 61,603 accounts active over the past 24 hours. SBD is at $2.38 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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