Are Korean Markets Our Only Hope?
As we've noticed in the last few days Steem price has been moving upwards steadily. Today it seems as though we are hovering stable over $3. SBD seems to be maintaining parity. It seems to be right behind the price of Steem, often trailing behind by a few cents and rarely ever matching Steem in value.
Steem and SBD are trading in good volumes on Upbit. However as the screenshots (self-explanatory) show that most of the trading volumes are limited to the Korean market.
It's fantastic to see the love for Steem and SBD from our Korean friends and traders and I thank them from the bottom of my heart! However, it doesn't say much about the general sentiment for Steem/SBD in the market.
Steem generally has had low trading volumes, with most of the Steem powered up by the users. Polo was a top market for trading once but their wallets have been dysfunctional since ages. We've lost a big market for trading here. Polo has been extremely unreliable with poor customer support.
Personally, I don't recommend anyone to trade there anymore or hold any tokens until they get their act together. With binance and bittrex working so well, there's no need for Polo these days.
Steem is likely to continue to go up as the alt-coin market season seems to have begun with most alt-coins heading up from their respective bottoms. The question is, can Steem sustain it's upward journey based off Korean demand alone?
We have some people claiming on the trending that Steem will be one of the biggest coins on the market. For that to ever happen we'll need massive trading volumes as well as adoption amongst traders from all over the world. Such claims are foolish and shouldn't be entertained. We have our work cut out for us if Steem is to ever get back into the top 20 itself.
What if one day Koreans stop pumping Steem/SBD, what then? These are some questions in my mind as I watch the charts. As far as I'm concerned I'm slowly picking up as many Steem tokens as I can and enjoying the change in the season!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Polo has been an issue for s year or so now. I’m supposed they are still going with their level of customer service. If they don’t improve significantly, they will be forced out of business as mass adoption goes elsewhere. Much better alternatives availiable.
I agree. I hope they fix their issues soon so that we have another working exchange for trading Steem.
You are right, today alone BTC rose from 8000 to 8500, and so did Ethereum from about 560 to 595, but Steem is steady at 3. Addition on Binance is a new plus for Steem, but just as you suggested, moat of the Steem might be powered up. Still if we compare the rise from the lowest, Steem was at 1, so it got tripled, while BTC and Etbereum just got doubled. When BTC reaches 11000, probably Steem will reach 6.
That's my expectation as well. I hope the price of Steem rises steadily back to its ATH levels.
Both Poloniex and Bittrex have ruined their platforms, so the only volume comes from the eastern platforms. It's a pity Steem isn't listed on more western platforms (as far as I can tell the only people who can register on Upbit are Koreans.
I agree. I think the adoption will increase over time when volumes improve. I hope Steemit Inc would do more towards greater exchange adoption of Steem.
I think the trouble is that most exchanges want you to pay to get listed. See
http://uk.businessinsider.com/cryptocurrency-exchanges-listing-tokens-cost-fees-ico-2018-3
Back in 2016 when bitcoin's price was low, it was easier to get listed. Now it costs an arm and a leg, unless you have such big volumes that exchanges list for free because they want a piece of the trading action.
Really steem market is stable within 3 to 3.something cents. Really this is a great news for us. As a steemians I am happy to get this news. Thank @firepower for sharing this post. Because all will get inspiration from your post to work in this platform.
Good point, but
you can give Steem a bit more slack.
The last time we crossed the $3 mark, was during the big BTC hype.
Pretty much every coin went down a lot after that.
Hello @firepower
yes it is really great that the price of steem is increasing and we all will love to see it to go higher.
And i agree with your advice that we should not trade there anymore .
But i think holding the coins wont make much difference.
Thanks a lot for making such a nice post. I really loved the way the write.
I will be looking for more from you.
Thanks a lot for sharing
Your welcome! :)
No wonder sbd and steem price increased
Things would be great if some country could support this too especially the cryptos I've been wondering how and why it rise all of a sudden but your post is just in right time.
Thanks much Sir
Korea is such a big player in the crypto market! Crazy big!
True that and I love the fact that they are so enthu about Steem!
I think the Koreans are doing a fairly good job in giving the steem price a rise. Am sure if they are the only ones doing it they might let is go down soon
Thanks for sharing the information about the increasing price of steem. Your every suggestions means a lot for me so thank you so much for your every supports and appreciation. Wish you good health good luck and happiness in life.
Good to see you back firepower....i hope there would be no more problem or hospital visit....and its really good that steem and sbd is get so much love from korea .....
resteemed
Just got back home from the hospital. Feels great to be home again. Thanks.