This is a bit crazy, Steem pumping when bitcoin isn't... This has to be one of the first times that it hasn't been following Bitcoins general trend. Now this could just be some Koreans pumping the coin but I don't think so, that's because the current volume is also at a huge spike. This is very important because it shows the demand for Steem is rising and that more people are starting to join this community, I believe it has to be new investors because the current ones already have so much Steem they don't need to buy more when they can accumulate loads at the current price it is at.
The reasons for the price rise could be due to the success of businesses that are being created on the Steemit blockchain and some companies are actually starting to accept Steem as payment for products. With companies using Steem it could cause a ripple affect within businesses as no businesses wants to lose out on a new thing or trend. The community itself is absolutely incredible and this could as be a huge attraction when businesses look at Steem. Plus Ned is talking again and seems to have a plan which could be causing this bullish run but I doubt it as his track record for delivering isn't great.
However I think the main reason is that people are beginning to see how undervalued this coin is, it hit $8 dollars at one point and although that was part of a bull run it has so much more on the blockchain now than it did then. It not being a dollar whereas some of these coins are doing nothing and worth more is a shame. Personally I can see Steem getting to $100 in a few years, i'd say maximum 5.
Why do you think its pumping?
