Crypto Markets #7 - Steem is top 5 on worst day of the year
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On a day when Bitcoin was down %19.60 and Ethereum was down %20.77 Steem has outperformed all but 5 of the top 100 crypto-currencies. I believe one of the reasons that Steem is fairing better then BTC and ETH is the fact that most of their increase in price has been do to new money coming into these coins. When major credit card companies ban crypto currency purchases new money will be decreased and demand will decrease. Since Binance has just recently added Steem to it's platform the daily volume has increased significantly and is starting to stabilizing. The price of Steem is still going down with the market but investors are speaking with their money and buying Steem over BTC and ETH.
I don't know that we've seen much of an impact from Binance trading Steem yet because for the most part, they've been down, first their wallet and now today..
My point being that I do believe we will definitely notice a difference once they're fully up, functioning and trading again.
But yes, Steem is doing quite well and I have high expectations for it to do well this spring and throughout the end of the year!