Trading Recommendation:
BUY, price drop is an opportunity to buy, significant risk of STEEM falling if SBD returns to $1
Investment Recommendation:
BUY, expecting to be much higher after the release of communities (coming soon), SMTs, and partner applications
Analyst Commentary:
The STEEM price is up 1.66% verse the USD over the past 24 hours on higher volume ($9,163,290) as Bitcoin is up at $7.45k and the broader market is up. STEEM is up slightly verse Bitcoin as Korean trading is flat at 17% of the trading volume. New account creation is strong at 950 accounts created in the past 24 hours. The % vested indicator is up at 71.15% on steady power downs and big power ups from @virus707, @lanhange, and @sirvotesalot. Daily active accounts is up at 62,619 accounts executing transactions in the past 24 hours. SBD is at $1.68 on Bittrex which is still very elevated over the peg, receive you rewards in 50% SBD and then use the SBDs to buy STEEM on the exchange. SBD conversions are a waste of money again!
For traders, I believe STEEM is fairly valued around the $3 level even after SBD returns to the $1 peg. If SMTs and communities have the expected impact of broadening the use cases of the STEEM blockchain, STEEM could be fairly valued at $8 or more. On the investor side, I believe we will be significantly higher after communities are released and the account creation problem is solved (the timeline for this is currently unknown). I would power up your rewards and buy STEEM below the $3 level.
Data Credit:
Coinmarketcap.com
@penguinpablo Daily Report
Steemd.com
Steemdb.com
Coindesk.com
Disclosure:
The report published above is based on my assessment of the cryptocurrency market. Investors should consider this report as only a single factor in making their investment decision. All investments involve market risk, including possible loss of principal invested. The author is a cryptocurrency investor and while he seeks to provide honest assessments to the best of his ability may have a conflict of interest that could affect the objectivity of this report.
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