I wondered, like many other steemians I suppose, why is STEEM spiking.
One reason I can think of is that STEEM often seemed to have a delayed reaction, when the market is in a bull run. But when it reacts, something like that can happen.
At some point at the beginning of the year, bitcoin started to grow. STEEM didn't follow, but remained relatively constant or grew less.
We've often seen in the crypto land this pattern, when altcoins lag behind because bitcoin and top coins have the spotlight, then suddenly spike to catch up, when bitcoin takes a break.
Will this pattern repeat itself? Huge pumps also invite to dumps, so that's the risk.
Looking at the 1y chart, we shot up right through the MA 200 and MA 50 for STEEMBTC
Will this bold movement hold? We will see.
Before I wrap up, this market sentiment thing is interesting at coingecko.com:
It is usually highly influenced by the price evolution right then (as you can see). The interesting fact is that the sentiment was at 60-70% positive yesterday evening, before STEEM started to spike. It's often around or below 50% when nothing exciting happens. But of course, these could be some moments I captured in time that gave me this impression. Market sentiment is not usually a good indicator for anything, other than FOMO or FUD.
By the way, this is starting to look good, doesn't it?
