Crypto is still in the hand of speculators: LTC's recent spike and Steem's static price on the backdrop of lots of developments (e.g. Steem-engine, Steem-alliance, WPS, Top Rank in a Magazine etc.).

in #steem5 years ago

Crypto market has seen sudden spike. Experts are saying that LTC's future adoption of "Mimblewimble" or halving in next 200 days has triggered the spike. Cryptocurrency market have seen 8% spike. LTC has seen 40% spike in a week.

On the other hand, @steemit has stopped powered down, @ned has moved from CEO position, @elipowell has moved into MD/CEO position, a Steem foundation (@steem-alliance) is on way, proposals are laid out for Steem's protocol developments other than STINC, SMT tokens are possible via @steem-engine even before SMT updates, Steem ranked very top in Cryptocurrency journal, I can go on and on.

However, Steem's price did not move needle in a week. Why?

Look at the following two tweets:

ltc.png

and this

moon_overlord.png

Because speculators and traders are control of cryptocurrency market. They need sign and volumes to go nuclear on profit seeking. Celebrity twitter legends such as "moonoverlord" dictates the terms. Everybody goes with FOMO buying a coin, in this case LTC. Later at temporary peak, these guys dump to the late comers. Easy profit. Rinse and repeat. The brutal and shrewd one survives and flourish. Majority keeps HODLing.

Now look at the LTC's 24hrs volume:

screenshot-coinmarketcap.com-2019.02.10-00-12-40_ltc_volume.png

LTC's 24 hrs volume (1$.37B) is 52% of its marketcap ($2.63B). LTC is traded mostly all the exchanges where BTC is traded. Speculators and traders have easy access to LTC. Therefore, any sign and news of pump and dump creates opportunity for them.

It does not help LTC's fundamentals at all.

On the other hand, Steem's 24 hrs volume is $800K which is mere 0.9% of its marketcap ($91M). It is not widely traded in exchanges. Even some of the coins with less activity and marketcap, are traded in more exchanges than Steem.

One of the reasons is that setting up an Steem node is probably expensive and cumbersome while adding an ICO based on ETH's ERC20 is pretty simple if they have already listed ETH.

The other reason is STINC is not donating (aka bribing) the exchanges to add Steem. It is rumored that Bitfinex needs $4K to add a TOKEN, but they will not ask it directly. Coin's foundation donating to exchanges to be listed is not secret these days.

Therefore, Steem to be matched to hypes, trade volumes and number of exchanges, its node cost and exchange setup should becomes easy. Hopefully MIRA will solve the issues. Moreover, STINC and community should be aggressive to add STEEM to exchanges, in some cases with donation?!

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

steem_speed.jpg

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger

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Fundamentals are building across the spectrum of most high valued cryptocurrencies but are overshooting the downside as markets can remain inefficient given the lack of information available from trusted source. Patience will bring great things for sector soon enough!

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