Trading Recommendation:
HOLD, broader market appears to be pivoting to a rally, buy in if you're aggressive, 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 9.85% verse the USD over the past 24 hours on higher volume ($7,227,110) as Bitcoin holds at $8.5k and the broader market is up as the bear market appears to be ending. Korean trading is leading STEEM higher and its domination of trading volume has increased to 64% of trading activity. STEEM is up slightly verse Bitcoin but I want to see one more day of strong upward movement before I can call a new rally. New account creation is strong with 1,800 new accounts created in the past 24 hours. The % vested indicator is up at 71.05% as the elevated SBD price continues to drive investment. Daily active accounts is up at 60,033 accounts active over the past 24 hours. SBD is at $2.17 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
@penguinpablo Daily Report
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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