Good Morning!
This morning's Cryptocurrency Market Cap evaluation:
- 30 day rolling average of cryptocurrency market cap = Decrease of $1.5 Billion per day
Don't forget to follow @socky for updated charts
The price of STEEM jumped yesterday. Are you wondering what is going on with STEEM?
So the Weiss Report was published yesterday. What is Weiss Ratings? They are an independent research group that rates investments and financial institutions. Weiss has been in business of rating banks and investments since 1971.
"Weiss Ratings’ mission is to empower consumers, professionals, and institutions with high quality advisory information for selecting or monitoring a financial services company or financial investment."
Weiss rates:
- Stocks
- Mutual Funds
- Exchange Traded Funds
- Banks
- Credit Unions
- Insurance companies
- and now Cryptocurrencies (yesterday was the first report)
The word all over the internet is that yesterdays report that included Steem ranking pretty high was the reason for Steem increase. At first that seemed reasonable until I started studying the results.
The report gave Steem a B-. Not a good rating. In fact no cryptocurrency got an A. Even though Steem ranked pretty high amongst other cryptocurrencies, there were some with a B rating such as Ethereum and EOS, and some with a B+ rating such as NEO and Cardano. You would think these other cryptocurrencies would have dominated the market yesterday if the Weiss report really made an impact. But that wasn't the case. Instead, Steem dominated.
So what really happened? I'm going to go against the mainstream news and give my opinion:
I think that the Weiss report provides some help, but this help is insignificant in comparison to value of Steem and the artificial pressure holding the value of STEEM down. When the cryptocurrency market swings down, most all the cryptocurrencies drop with it. This is called pressure. I doesn't matter how good the technology, speed, cost, or usability is. Market pressure is king. The market pressure artificially held the price of Steem down even though Steemit is growing at an amazing rate. This created some intense pressure to push the price of Steem back. STEEM was just waiting for market pressure to back off to allow the jump in price.
If you want to check out the growth of Steemit, just go to @arcange or @penguinpablo
They both have daily Steemit reports.
This is what I wrote 2 days ago on a comment to @senseicat:
"The number daily unique visitors is growing and hasn't stopped since mid December. Also Steemit is climbing in total traffic ranking since mid December. If that pace continues, the real value of Steem should be around $8 very soon. The market pressure is holding Steem down artificially. If the market starts moving up again at a regular pace, we may a sling shot effect in the price of Steem. That sling shot effect could, in turn, keep the Steemit growth moving and prevent growth from flattening out."
I agree that Steem is worth $8.00 and the innate value of Steemit and block chain coupled with the increasing number of users, not to mention Steem is rated #5 in cryptocurriencies. My guess is that we can hit that number and the key is the upward trajectory.
I think steem will grow in the future and very well invested.many thanks for info @socky
The positive of market pressure is that STEEM can be pressured the other way! increase in value of STEEM in my opinion is inevitable.
Yeah baby. I love it. Great job. Let's keep the growth going. Thanks for the wonderful post.
Thanks for the resteem @thaicryptokitty. By the way, I love Thailand. It has been too long since I've visited there.
We're the ones who will make the counter-pressure then. I think community will hold it. Thanks for the post and realistic review.
So true. No-one can deny the numbers showing up everyday. These are real people that are signing up and/or visiting which will drive demand.
market cap is a disgrace to the legitimacy and evaluation of cryptocurrencies..i love your update..i love support from@senseicat
Wow, passionate! Thanks for the support
Thanks a lot for sharing and discuss
About Bitcoin.
I think this time bitcoin some things demotion .
But some time after increase bitcoin .
Glad to provide honest opinion. Thanks
Well it was the first report. Now that they dipped their foot in the ratings, I cant wait to see the next one
One thing for sure. Even though the ratings were low, the fact they are reporting on cryptocurrency only legitimizes and promotes cryptocurrency.
Yes and it is adding exposure!
Thats it
Glad you agree
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