Steem up 46% in 24 hours!
A remarkable day for the market to have a big break through.
Fasten your seatbelts...
Bitcoin {BTC}, Litecoin {LTC}, Vertcoin {VTC} and Digibyte {DGB}, the Lightning Network {LN} Segwitteers, are moving back up. Dogecoin {DOGE} made a jump for joy. EOS is doing well, while Bitshares {BTS} has gained close to 33% in one day. And Steem Backed Dollars {SBD} added close to 34 percent last 24 hours. Steem twin Golos is doing fine too, close to a 30% rise. It is amazing to watch these green numbers again, all of a sudden. Without a clue about what just happened though.
The amount of blockchain transactions did show a rise for the most active Cryptos. In combination with the green candles does give the impression there is some big breakthrough going on. The best performing blockchains out there are still undervalued quite a lot though. Even though it is clear that the DPOS {Delegated Proof Of Stake} types are BOSS, it could still take a while before they break out. Nothing can beat the 3-2-1-DONE blockchains like Bitshares, Steem and Golos. (Maybe EOS, but that is still future music.) Steem is the number one when it comes to most transactions in a day. It has the All Time High {ATH} of an amazing 2'068'341 transactions in one day! And with the current 1'808'604 transactions in 24 hours it breaks no sweat at all. Just 0.15% of its capacity is being used!
Bitshares and Steem are more scarse than many other Cryptos out there. Taking into account the smallest part, as defined by the amount of decimals. Steem has 6, Bitshares has got 5, while Bitcoin, and its many different kind of forks, have 8. This means 1 BTC contains of one hundred million Satoshi. With 21 million Bitcoin ever to be created, this gives a 2'1 quadrillion Satoshi. One Steem would be build up with a 1'000'000 milmils. With about 500 million Steem ever to be created this will be only 500 trillion milmil Steem. This means Steem is more scarse than Bitcoin. Calculated that way for Bitshares it is about 3 million BTS compared to the 21 BTC. And Steem is a little less scarse than BTS, it is like 5 million Steem compared to 21 million Bitcoin.
Part of the Steem is used as a reserve for the creation of the Steem Backed Dollar {SBD}. Also a lot of Steem is locked in Steem Power. With the an inflation that wend down to less than 10% a year, it seems that Steem is one tough Crypto. And it is hard to imagine that Steem would not go up drasticly in price. Especially when considered that the value is also added to Steem by the productivity of its own community. Leaving aside the discussion what kind of content is actually creating a valuable Fruit Of Work {FOW} kind that is allowed to be plucked, Steem is a Social Media blockchain that builds its own intrensic value by being used. With the Freedom Of Expression added as a great bonus, it is the one that should be up in the market cap list way higher than it is right now. (Past EOS, yes...)
But, before you might start to invest in any of the mentioned Cryptos. Remember to only invest in Cryptos what you are willing and able to use.
May the Cryptos be with us!
Steem still not breaking a sweat, only records.
Screenshot take at http://blocktivity.info/
Text correction: Steem has 6 digits instead of 3. Still makes it about four times more scarse than Bitcoin. When looking at the smallest possible particle.