Trading Recommendation:
HOLD, STEEM and SBD following broader market, significant risk of STEEM falling if SBD returns to $1
Investment Recommendation:
HOLD, expecting to be much higher after the release of communities (coming soon), SMTs, and partner applications
Analyst Commentary:
The STEEM price is down 5.15% verse the USD over the past 24 hours on higher volume ($8,394,480) as Bitcoin rises to almost $7.2k before falling to it's current level at $6.8k. STEEM is holding its ground verse Bitcoin over the past 5 days and executed a similar roller coaster ride over the past 24 hours so it rose up to $2.20 before falling to current levels. New account creation data is not available today. The % vested indicator is down at 71.21% but I do not think this is a new trend. Daily active account data is not available today. SBD is at $1.92 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 even after 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 STEEM below the $3 level.
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.
SmartSTEEM
I'm a member of the SmartSteem team. Earn income by selling your votes or promote posts by buying votes through the banner below (referral link).
