Connect with us

Blogs

Steem Outpaces Competitors to Lead the Uptrend

Published

on

Steem
READ LATER - DOWNLOAD THIS POST AS PDF

Steem, an offshoot of Steemit, the media platform which is internationally renowned for rewarding users for posting content, has become the talking point in the crypto market these days. In the absence of any supply limit or inflation rate, Steem features among the most radical currencies available to the traders. Investors, who are attuned to the market news, must be aware of the meteoric growth of this altcoin. On the onset of the recent price slump in the crypto market, which has affected all the major currencies, Steem seems like the lone survivor of this catastrophic downturn.

Steem’s Value Skyrockets as the Major Coins Turn to Red

As the depression continues to plague the crypto market, this week witnessed some disastrous performance from the leading currencies. With the major currencies turning to Red and Bitcoin creeping back to $8,800 price range, Steem features among the biggest gainers this week, as its price moves up by 25% on April 26. The mid-week market crash, which can be associated with the news of the suspension of ERC-20 tokens following the hacking of smart contracts, was a severe blow to the investors. Much to the traders’ surprise, the price of Steem increased steadily, gaining 29% in the last 24 hours. The financial asset, which has moved by 42% this week, is trading at $3.56 at the time of writing.

Steem’s Market Response

When compared to other currencies, Steem’s performance has been rather impressive. The financial asset has also witnessed a steady rise in trading volumes. As of April 26, 2018, the trading value of Steem stands at $157,106,000. Steem, which is available at $3.56 or 0.00040899 BTC, is available on a number of popular exchanges like BuyUcoin, OpenLedger, Bittrex, Vebitcoin, etc.

Unlike BTC prices, which are exceedingly volatile, the price of Steem has been stable. The rise in the value of Steem, which can be linked to the uptick in Bitcoin prices, has become the talking point at the moment. The sudden rise in the price has taken the traders by surprise, as it is questionable considering the recent technical debacle which attacked the foundation of social media.

loading...

The executives of Steem have been silent on the issue, leading to introspections. As proposed by the analysts, such a spike can be pure speculation, created by UpBit, which is responsible for more than 50 percent of Steem trading.  As a relatively new addition in the cryptosphere, the blockchain is yet to reach maturity in terms of market uptake.

Partnerships

Supported by a stable community, Steem can do well without partnerships. However, the coin, which is on the rise, witnessed some exciting development in January. As per the announcement made in January 2018, Steemit will collaborate with the popular monetization platform, Datawallet. Ned Scott, the CEO of Steemit said:

“The social media monetization model is broken, both in terms of how platform users are rewarded, and how their data is owned and distributed. Steemit is currently working to resolve part one of that equation and Datawallet is tackling the second.”

Where Should You Trade Steem?

Steem Dollars are available on a number of notable exchanges, including Binance, UpBit, HitBTC, Poloniex, Tidex, OpenLedger  DEX and Bittrex. Although Steem Dollars cannot be purchased directly with US dollars, it has created quite a noise among the investors.  Investors looking to trade this financial asset will need to buy it using Ethereum or Bitcoin on an exchange that accommodates US dollars. This means investors can explore options like Coinbase, Gemini or GDAX.

Steem’s Forecast for 2018

Nourished by a vibrant community, Steemit has made a special place in the crypto space. Apart from its steady follower base, this lesser known currency boasts several exciting features. Also, it is backed by a team of highly skilled and vibrant developers. With some of the influential names associated with the blockchain, this social media based cryptocurrency has managed to attract the investors’ trust.  What’s more, the team has made it official that investors will now be able to tokenize their content using SMT. At any rate, this radical cryptocurrency, which is clearly leading the uptrend, has the potential to make it big this year. While many analysts dismiss the hype as a mere speculation, others anticipate some positive developments this year. As of now, we can only wait and watch how this cryptocurrency performs in the market. However, going by its price records in the first quarter, it’s not difficult to imagine it as the “game changer.”

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Phil Romans via Flickr

Altcoins

Ripple XRP Mega Breakout: What’s Next?

Published

on

Ripple XRP mega breakout
READ LATER - DOWNLOAD THIS POST AS PDF

The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

Continue Reading

Altcoins

Litecoin Cash (LCC): The potential mover?

Published

on

Litecoin Cash
READ LATER - DOWNLOAD THIS POST AS PDF

Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.

Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.

While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.

For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.

Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.

Continue Reading

Altcoins

The Stage is Set for Stellar XLM vs XRP

Published

on

XLM vs XRP
READ LATER - DOWNLOAD THIS POST AS PDF

The digital asset of XRP, did something spectacular on the 18th of September when it shocked the crypto-markets by rising in value by 21%. In a time period that was less than 5 hours, XRP spiked from levels of $0.273 to those of $0.332 and has continued rising. The digital asset is currently valued at $0.36.

xRapid Factor

The reason for the sharp increment in value of XRP was news that the Ripple company was going to launch xRapid in the next month or so. This was after the firm’s head of Regulatory relations for Asia-Pacific and the Middle East, Sagar Sarabhai, made the following comments during a CNBC interview on the 17th of September:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”

Stellar’s Cross-Border Payments

The news of Ripple launching xRapid has come 2 weeks after the Stellar project and IBM, announced that they were entering the industry of cross-border payments through their new service known as IBM Blockchain World-Wire. The new payment settlement service has been quoted as being ‘near instant’ meaning that it will probably rival the transactions time seen in the xRapid pilot tests of 2 – 3 minutes earlier on in the year.

Stellar Acquiring Chain

Continue Reading

Trending