Bithumb having a HitBTC moment, sends Steem into a frenzy--> CoinMarketCap takes actions removes it from the price feed....Nice start to Q3 and short talk
Bithumb having a HitBTC moment sending Steem over 85% increase on the day.
Sadly, CoinMarketCap removes the feeds coming from Bithumb and placed it as an Outlier as price and volume doubles what is currently trading on Upbit, Bittrex, Binance and Huobi. Usually price action from one exchange can positively influence prices on other exchanges driving the price higher.
Nonetheless, Steem is having a good day, up more than 25% for the day across several exchanges base on price feeds coming from CoinMarketCap.
More importantly Steem has jump in cryptocurrency ranking base on Marketcapitalization, currently rank #30 as it has fallen somewhat relative to its position.
Can Steem maintain and sustain this momentum?
This is a question that warrant some thought, depending on who you ask, it all depends on the Investor/ Steemian outlook. Given the developments in the pipeline (SMT, Communities, etc), one would hope this is just the start but given this run up, we can expect some profiting taking along the way. Its been quite a drought over the last couple weeks in cryptocurrency and given the cheer around social media following BTC run up in prices over 6300.00 USD, Steem prices would certainly lift the spirits.
Putting Steem under the microscope, "increasing trading volume" and continuous "rise in the ranking" would bring some added energy into the platform. Given its supply, Steemians would hope that the large volume sellers won't put the Steem out of the engine.
We wait and see what Q3 can bring for Steem and the cryptocurrency ecosystem in general. Q1 and Q2 has been quite brutal. We have to wait and see how prices are after July 5 when the market participants decide to put money to work, probably they started already, probably Friday evening rally was a start of what lies ahead.