Is This What We've Been Waiting For?

in steem •  last month 

It's a been awhile since I've watched STEEM spike.

Admittedly, there hasn't been much movement for months, other than mostly sideways and trending down, with the occasional drop.

Over the last few days, however, some minor pumps and dumps began, and then STEEM moved from the upper $0.12 USD into the $0.14s. There it stayed for roughly three days until this morning, when some bigger movement began.

Screen Shot 2020-01-18 at 8.11.36 AM.png

As of this moment, STEEM is up to $0.2168 USD, an increase of 47.25% within the last 24 hours, according to World Coin Index. Most of the volume is on Bithumb, which has been known for driving prices up, but in this case, Binance, Houbi, Bittrex and Hitbtc are going with them. Only Upbit is trading lower at 0.175% USD.


Screen Shot 2020-01-18 at 8.11.04 AM.png

At the moment, it's tough to tell just what might be driving STEEMs surge, as the percent of increase/decrease among the six tokens I follow on Coinbase are somewhat all over the place at present. None are rising like STEEM, but most are in the green, with LiteCoin and EOS being the current exceptions.

Screen Shot 2020-01-18 at 8.23.51 AM.png

Current candle action according to Coingecko looks like this (see image below), for those who know how to read them. Seems a little early yet, regardless, to know where this is going, but in my mind, this is the most action of any kind we've had in a long while and it's cool to see the upward motion even if it turns out to be short lived.

Screen Shot 2020-01-18 at 8.26.01 AM.png

For those hoping to see an increase in USD value in their STEEM wallets, though, it's not likely to happen unless this jump actually does hold. As it is, the Internal Median Price of STEEM, according to STEEMWorld, has been hovering around $0.196 USD, even with market value fluctuating between $0.12-$0.14 USD.

If prices stay above that median over the course of the next 3.5 days, we'll see the rise in USD value.

Why The Surge?

Hopefully someone reading this will have stumbled upon some news, either pertaining to STEEM or cryptodom as a whole, but the only thing I've been able to locate in a Google News search that is recent is that NFTs are now live on STEEM-Engine from a Slugfeed post yesterday (Friday, January 17).

Chinese New Year is coming up on Saturday, January 25, which has caused some movement in the past. In a previous recent post I stated that I thought we would know more about where STEEM is headed in 2020 after the Chinese New Year, but more or less by the end of Spring, when things like SMTs for STEEM and the Bitcoin halving for crypto in general are supposed to take place.

However, I am not an expert, and don't pretend to be one. It's just fun to finally do some speculating when there's some actual upward movement taking place.

I do find it slightly annoying that now that I have some money waiting to buy STEEM at what was roughly $0.14 USD, that the price has jumped. I wanted to get to 12,000 SP by the end of January.

Truth be told, that's the real reason STEEM is going up.

Not.

I do have to say, though, it's nice to see some kind of interest in STEEM. It would be cool for those who have been sticking things out to finally see our patience, stubbornness, don't know when to quit—whatever—rewarded.

Already Dropping

As I've been writing this, the price has dropped from a high of $0.218 USD to $0.198 USD. That's been happening over the last several hours, though, spiking and then dropping before the new spike, so as I said, it's still a little early to know where this might be going.

Any Guesses About The Price Spike?

Feel free to enlighten us in the comments if you like.

Images sources—worldcoinindex, coinbase, coingecko

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No one can say categorically what could be the faith of steem in term of it values as at present. To me i do believe once bitcoin rise a bit some other coin will follow, or maybe I'm ignorance. I hope steem has come to remain increasing with time and not false hope as we have been seeing in the past.

Hey, @adeyemidrey.

In general, the alt tokens, like Ethereum and thus STEEM have been tied to the rise and fall of Bitcoin. I guess it needs to be over the course of a days or weeks in this case, as there's been a definite delayed reaction with STEEM if such is the case.

And I agree, it would be nice that STEEM get back on track in value, after it seems that Steemit has gotten the blockchain back on track with all the changes under the hood to make things run more cheaply and efficiently, along with SMTs finally being near.

I invested a little in bitcoin and well as steem, there have been a number of time that bitcoin will increase, but only to see steem going dip. For instance, bitcoin took it peak as the price has been surging since last week. I was very furious when I notice that steem didn't move a bit. But now that I see it steem rising, I just smiled that I guess they work at different pace.

My guess is insider trading. Reckon we'll find out in a month or 2 that TRON or SONY or something has made a deal with Steemit or some policy change or SMT release breakthrough has happened.

The Voice news and even the NFTs are not really worthy of moving the market this much.

Hey, @buggedout.

Someone seems to know something about something that I don't know. That's for sure. :) As it is, things have started to fall back down and through $0.16 USD. So, looking a little short lived, but I like the idea of some attention to STEEM, rather than water treading for months, basically. :)

A few guys are suggesting the announcement that Voice won't initially be released on the EOS main-chain, might be a factor.

Hey, @mattclarke.

Now, that's interesting. Just read about that. Maybe folks are just sorting through all of it, since it's been known via the VOICE FAQ in December that VOICE wouldn't be deployed on the EOS chain to begin with?

It looks tied to Bitcoin for some reason if you compare it to Steem. But I wonder if it’s the NFTs that have been released.

Hey, @shaidon.

I guess NFTs would need to be a bigger thing than I understand them to be, which is totally possible, since I've only read about them briefly when the announcement was made and wasn't able to determine how/if I would directly benefit from obtaining them, making them, selling them, or whatever else I was supposed to do. :)

I am going to write a blog post explaining how I see them being used. But in the case of say Splinterlands, each card is an NFT with it’s own ID number on the block-chain. They can use that ID number to represent that card in another game, in this case Tides Of Magic now includes the Splinterlands cards.

I have NFTs for a role playing game that we’re gifted to me and I bought on on Steem-Engine for something else.

It think it as being something unique on the block-chain. In the RPG world, you could have a self named sword that is really powerful and unique in a game world, but it could be played in multiple game worlds that accepted it.

It’s complicated I know, but who knows where they will end up being used.

No idea?! It’s wonderful to see this kind of sudden spike!!

Have a good day.

Hey, @kaminchan.

It is. When there's not been a lot of upward movement at all for months, it's definitely nice to see. Even though it's making it's way back down now. :)