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RE: STEEM on Binance - One of The Top Cryptocurrency Exchanges
Hi Ana-Maria.
Thank you for curating this article, some useful information there! I had not realised that Binance is Sequoia-backed. That makes me feel even more positive about the platform and their coin (after all Sequoia only invests in a few select companies each year and most of them turn out pretty successful).
And then, if I may add, a small point of constructive discussion. As far as I understand it, the addition of STEEM onto Binance did not have much of an impact (if any) on the price of STEEM. This makes sense to me looking at the relative STEEM trading volumes of exchanges (image below). Binance trading volume accounts for less than 1% of overall trading volume.
Steem on!
Flo
Hi Flo! Thank you for stopping by! 🙂
I don't think you are missing anything, although the current trading volume is a bit higher than just 1% (2.49% at the moment). But STEEM just arrived there 4 days ago and I think it's too early for making some conclusions. As well, current Steemit members already have opened accounts on some other exchanges that list both, STEEM and SBD, so I wouldn't expect some big trading rush to arrive from that side (or at least not until SBD would be added to Binance as well). The only ones that might change that are Whales as they, in general, hold more STEEM than SBD, but some average Joe wouldn't be that interested.
While on the other hand, big Binance member base has to get familiar with STEEM and the whole Steem Blockchain first to eventually start investing in it. And that takes time. Therefore, from my point of view, it's a perfect timing to promote Steemit on other networks to intrigue new possible members and investors. Only after that (and when BTC stops falling down, as it also impacts the price of Steem, no matter if we like it or not), we can expect some more significant raise of Steem coin value. That's at least how I see it.
Thanks for elaborating on your view!
Steem on!
Flo