Below is a list of the top STEEM exchanges, ranked by their volume (data pulled from Coinmarketcap):
Since I watch the markets every day, I get to see some interesting patterns. Some of them may generate trends, some of them are temporary and nothing gets out of them. While looking at the recent days market evolution, in which we saw mostly sideways trading, I observed that STEEM behaved differently. It didn't follow the main BTC moves, it was a bit decoupled.
The first reason that comes to mind for this behavior is that STEEM trading volume is not that big on the STEEM/BTC pair. In other words, since its volume is not strongly coupled with BTC, any variations of Bitcoin should be less important. So I took the screenshot above, and ran some numbers.
According to this simple math, about 36% of the entire STEEM volume is in KRW orUSDT (Upbit + Huobi). Only two thirds of the entire STEEM volume are traded against BTC / ETH. The rest is more or less "fiat" (Korean Won, or USDT).
I think this is a very relevant number. It's not 5 or 10 percents. It's more than one third. One of every STEEM traded out there is traded for some sort of fiat.
A complete (or at least solid) decoupling of STEEM from Bitcoin would be very beneficial. Here are just a few reasons:
- the potential of releasing debt payment instruments denominated directly in fiat / STEEM pairs (debit cards that can be topped up directly with STEEM)
- insulation against Bitcoin price variation
- increased token adoption and usage
It's relatively early to proclaim STEEM's decoupling from Bitcoin, but it's one of those trends that I get to spot by doing the daily market snapshots. It may or it may not become a trend, but one third of the volume in "fiat" is relevant.
For comparison, EOS (5th place on CMC) has more than 50% of the trading volume in some sort of "fiat", Zcash (21st place) only 29% and Bytecoin (19th place) less than 1%.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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