I decided to start a blog post series where I make a quick daily analysis of Steemit. I probably won't do it every day because I'm too lazy and there's not that much to analyze at sometimes, but maybe I might start doing it daily in a while.
In this post, I'm only going to analyze the price action of Steem, but in later posts, I plan to also analyze the whole platform stats after all the price is based a lot on the platform.
First, things first - Steem price. The price for the whole month is on a slight downtrend and only at the last days, there was a huge spike down because there's huge uncertainty in the crypto markets mostly because of the possible Bitcoin hard fork.
There's a huge correlation between BTC and the whole market mainly because all the altcoins are traded in BTC. So, in the short term while there's no news about the Bitcoin hard fork I wouldn't expect the prices to rise.
Along the price, the market cap is also shrinking. The graph is nearly identical because there isn't much inflation going on right now. Steem ranks #16 being super close from the 15th place.
The trade volume has a huge tendency to spike on Mondays and Tuesdays and then fall off for the rest of the week. Overall, if we would average it off we would see a huge downtrend.
It can be because of summer time and lesser activity and also because the prices are falling and people are holding on to their Steem waiting for the prices to climb back up.
The price of Steem Backed Dollars that are meant to be priced for one dollar was following the price of Steem and even outperforming Steem, which is not how it should be. This all meant trading SBD for Steem in exchanges in order to get a profit, but now it's over and SBD is even bellow a dollar probably because of the overall market crash and I'm guessing it should climb soon to the range of $1.05.
So, this is it for the quick Steem analysis. Did you like it? What would you like me to cover more? Let me know in the comments below.
