Trading Recommendation:
HOLD, broader market appears to be oversold and will likely rebound, 'Don't Panic', 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 18.37% verse the USD over the past 24 hours on higher but still low volume ($2,206,480) as Bitcoin is down to $7.5k and the broader market market is down significantly in response. Korean trading still leads the volume and has increased to 48% of trading activity. STEEM continues to fall verse Bitcoin but does so on very lower volume which leaves room for a reversal. New account creation data is not available today. The % vested indicator is up at 71.01% as the elevated SBD price continues to drive investment. Daily active account data is not available today. SBD is at $1.65 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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