Community post
Binance Lists STEEM
For anyone wondering why STEEM has been going up as the entire market is in the red, we've just been listed on Binance, one of the largest exchanges in the world by volume.
I have previously highlighted how low the liquidity of STEEM really is in proportion to the total supply. Out of the 263.4 million in existence, 187.5 million is currently locked up in Steem Power, which takes 3 months to be released. That leaves only 79.5 million actually available for trading, out of which Bittrex has 28.7 million, Poloniex 14.4 million, and now Binance 1.3 million.
What this implies is that STEEM actually has a realistic, liquid market cap of only around 1 to now $5 that we've seen over the past couple of months, there are still no real whales in this market trading STEEM as a speculative asset.
If you look at the 24hr volume, it's only recently picked up into the 3 digit millions, having spent most of the year in the low 2 digit millions. The volume you typically see for coins really being pumped is in the multiple billions. That would require the entire liquid supply to be traded multiple times over in a day, or for the price to be significantly higher.
Binance is an exchange that is notorious as a playground for whales, perhaps it's a sign that the time has finally come for STEEM to take off.
Replies (17)
@ adamantine..excellent post .thanks you sir excellent
Its is very helpful post.........////////////
Thats some great news for steem, binance is my favorite exchange at the moment.
Binance has so many amazing coins on it, the only thing is that they don't let you trade fractions of most coins. I've got a ton of dust there that I can't sell!
Still definitely great news for Steem though.
What is your forecast for STEEM?
I know how that feels, HitBtc has that same policy to dont allow you to trade fractions. I got almost 20 bucks in dust that I cant withdraw. I try to look at it as a fee to dont get mad!
100 once SMTs start being released, maybe even more. There's just too much potential. $100 would only value STEEM around the same as Bitcoin Cash, and we're the number 1 blockchain by daily transactions, already have a whole ecosystem of real, working dApps and are adding users from all over the world here every day. Nothing will stop Steemit reaching millions of users, it'll probably happen this year. This train is just slow to get moving, but once it's up to speed it will have a lot of inertia.
Let's hope so!
Thank you for your comment @ridoybachelor!
Thank you @reon06!
I've just discovered a great new exchange actually, it's called Bibox. I just signed up to buy a couple of coins that you can't get anywhere else, ICT and HPB, and the exchange is literally exactly like Binance, but you can trade fractions of a coin.
If Binance don't get that sorted soon they'll have strong competition coming!
excited to follow steem in the future, already invested a little bit, but most of my investments are still (also a newly binance added currency) ; nano!
That's awesome! I wish I'd got on the Nano train earlier, unfortunately I totally missed it and now I feel bad buying in after it's gone up so much.
Do you follow @haejin? If not I really recommend you do. He's the best crypto analyst here on Steemit.
Will check him out.
I think I have an account on Bibox, I've created one to buy some wax tokens, but I havent looked much at the exchange!
Right now, every Tom, John and Jason is announcing their new coins. Soon we will see every dog and every cat offering their coins. How is Steem different from the other 1000 + crypto currency and bitcoin? Couldn't Facebook or Google release their own cryptocurrency to kill everything?