SBD pumping big time
Steem close in second on the Upbit market in trade percentage.
Upbit has a 24h trade volume of 4 billion Euro (~ 5 billion USD).
Screenshot taken at CoinMarketCap dot com.
Wazzup Coinmarketcap dot com!?
Still excluding some of the South Korean markets, which seems a kind of strange, to state the least. And for Steem {STM | Š | ♨} and Steem Backed Dollar {SBD | $} this seems quite unfair. When you look at the Bitcoin trading volume you can see it is at 15.6%. And SBD is at spot 9 with 2.86%, closely followed by Steem at spot eleven with 2.76%. Yes, I know, trading against the Korean Republic Won {KRW | ₩}. It seems though that South Korea is really embracing Blockchaint technology. Not a country to be ignored. Seems the FUD {Fear, Uncertanty and Doubt} that has been spread was only that. As South Korea shows signals that they are taking a lead position in making Cryptos mainstream. Steem being highly valued, in a way that is in line with what it can do.
CoinMarketCap dot com ignoring this very important Crypto market, when it comes to KRW trading is wrong, I think. It is not about a couple of grand. It creates more than 14% of the 24 hour total Crypto market trading volume. Still, they might consider a different way to include it. Even though it looks like the Crypto market now really is picking up again. Could be that the next jump up is close ahead soon. And even though the SBD amount has been doubled on the market it already surpassed Steem again in market price. To me the Upbit market is a kind of indicator for what seems to be comming. It would be unwise to ignore it. Still SBD is still backed by Steem, so a higher price for Steem Backed Dollar means less Steem will be available as they have to be in reserve. This could work out great for both.
Look at SBD, being the best performing Crypto at Upbit!
Screenshot taken at Upbit dot com.
Almost 37% gain for SBD, even when there are close to 7 million being issued. Yet, that is still way less than Bitcoin {BTC | Ƀ}, and it might be that it is what makes SBD interesting. Could Steem still be able to fully back it when it pumps to thousands of US Dollar in value? Only when Steem would go up in price too, but it could surely put a lot of pressure on it. Looking at the internal market SBD is already way more valuable than Steem. And I do wonder if this was forseen by the witnesses when they decided to issue about a 100% more SBD. What next, double it again? That could even create another run on SBD, making Steem more scarse too in the proces. It looks like it is quite a tough job to keep SBD pegged to the US Dollar. Maybe it should not be done at all. Or just guarantee the lowest price to be pegged to the value of 1 USD? Because it seems the Crypto market is really going for SBD and Steem too.
Now part of the effect can be seen for EOS too, the family member of Bitshares and Steem. It looks like the presentation in South Korea a while ago triggered a strong growing interest in the DPOS {Delegated Proof Of Stake} technology overall. With Steem being a proven Blockchain technology, very popular in the Korean Republic too. There is a huge Korean community at Steem, maybe even big and strong enough to make their own Steem fork. Already there is a SteemIt like interface to the Steem blockchain for the Korean members. Technology and innovation has been very important for the Korean Republic. With Korea picking up on DPOS blockchains technology like Bitshares, Steem and EOS is going to have a big impact on the overall Crypto market. At least that is how I see it. And even though I do not know the Korean language I still bookmark the Upbit website as I think it is almost like looking into a crystal ball. (And also they have I Tjing hexagrams in their flag, so if some know what TAO is, it is them.)
So, good news for Steem and its future? Yes, I think so, but just look at the last screenshot, and see how well Steem is also doing. But no matter what, remember to only invest in Cryptos what you are willing and abl;e to lose.
May the Cryptos be with us!
The future of Steem? Well, it keeps getting better!
Screenshot taken at Upbit dot com.
Great read! I like the recovery :-)
We're not back to where we were, at least it taught everybody that is fairly new a lesson: crypto = extreme volatility
Thanks! Yes, the recovery is going nice and steady. Hopefully a bit less crazy, but like you wrote it can be extremely volatile.
Finally some "sunshine" again. Even right now on my last day in Austria, hahaha
Yes, it looks like the sun is coming up in far East again. ;-)
Pitty that it is on only your last day in Austria, seems to be all in sync, have a good trip home!
Thanks, CU Latex.
U R Welcome, Latex!
Nice to see crypto coming back! Sometimes it's healthy to see these corrections
Looks like it already is picking up and from what I see from some major South Korean exchanges, good for more than one fifth of the 24 hour trading, there might be a jump ahead soon.
Nice analysis dude. I wondered at the speedy recovery of SBD!
Thanks mate. Yes, I did wonder too what happened and then I noticed these markets in South Korea really kicking it up by a notch or two. Another Korean exchange like Bithumb is totally going nuts for EOS right now. The people of the Korean Rublic really seem to go for DPOS blockchains.
Looks like we are in for a great ride! Full Steem ahead.
Have a great weekend!
hopefully everything will be ok..be patience
upvoted
Already looks more than okay to me, this is actually a quite nice surprise to see, for me. Patience is still good though.
It is so nice to see Steem growing again. So bad that I don't even know how much to hold SBD, thinking that it was meant to be 1$ I tend to sell it, but seeing this pumps makes me want to hold it. It's so hard to be a steemian these days :D
@originalworks
The future for Steem is bright! I am also curious about SBD and what is going to happen with it’s price!
I wonder what has caused the South Koreans to adopt and be so involved in the crypto space!
Steem and SBD probably are getting better valued in the time ahead. All DPOS blockchains are.
Well, EOS is extremely popular in South Korea, and in line with that its closest relative Steem too. Advanced technical innovation often has a far East trademark. Not only the Korean Republic has embrased it but Japan too. And I still think China will too, in contrary to all the FUD. As far as I can see the far East is looking to intregrate it in their day to day life, where othere Western countries seem to want put it on hold at least. EOS can not even be bought legally by US citizins, which is a kind of absurd to me.
And I think countries in the far East do tend to have a good hunch for modern technology. Maybe they see also that it could have huge benefits for their economy.
In the past they have proven to be quite right about technical innovations, so I'm keeping my eyes to where the sun rises. They seem to be on to something. :-)
This is spot on! Back a few years I recall reading about the coming wealth transformation from the West to the East. The entire time my thought was that it only was related to gold and silver. Now I have realized that is just a portion of it and that cryptocurrencies is a huge player in this current and ongoing transformation of wealth
Cryptos absolutely play a major role in the redistribution of wealth. And to me it is a clear sign that something big is going on in the Republic of Korea when at least 21% of the 24 hour Crypto trade is done there. For a country that has only 51 million inhabitants that is huge.
The more weird that CoinMarketCap dot Com leaves the Crypto-Won trading out off the equasion.
The more reason for me to keep a close eye on that part of the Crypto market. ;-)
I did not understand this at first, but has become increasing clear over the last year! I wouldn't have thought South Korea would be a driving force of the movement, but things are continuing to point to that!
Never would have thought that upfront, but now it looks like their markets are important to watch as being indicators, at least that is what I think.
Steem is the future mate, so is the whole BCT.
We can't ignore such tech..
Absolutely.
Soon there will be a border of the extreme rich and normal people. With crypto investors as in extreme rich.
wow, great news...
everything is all right...
Cryptos all time with us...
thank you, sir
Keep the faith.
a market in korea that you show in your post that is so much pleasure.... thanks for sharing this post... i waiting for your next post....
Sure shows some good perspective for the rest of the market to follow!
great news for all south koreian people.