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Steem: the value tripled on CoinMarketCap
Steem: the value tripled on CoinMarketCap
Blockchain

Steem: the value tripled on CoinMarketCap

By Marco Cavicchioli - 19 Mar 2020

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In the last few days, the value of Steem‘s token on CoinMarketCap has increased by 200%. In the last week, it went from about $0.13 to over $0.4 and then fell to $0.35. 

In recent weeks Steem has been experiencing a real psychodrama, with a sort of hostile takeover bid against Steemit Inc. and a hard fork scheduled for tomorrow that will create a new blockchain, with a new cryptocurrency, to remove Steemit Inc. (and therefore TRON and Justin Sun) from the governance. 

It’s likely that this very hard fork has affected the demand for STEEM tokens, increasing it to such an extent that it has tripled its price within 24 hours. 

At the time of the fork, all public addresses holding STEEM tokens will be duplicated on the new blockchain Hive, with an equal number of new Hive tokens. 

Therefore, those who own STEEM tokens on their own wallet at the time of the fork will then be able to find an equal number of Hive tokens on the same address on the new blockchain. 

This may have led to a real race to buy STEEM tokens, also because their price was particularly low. It is enough to think of the fact that the 2020 low was touched on March 13th, at around $0.1, and that this was the minimum price reached by the token after the bubble burst in late 2017. 

The history of Steem’s value

The token debuted on the market in April 2016 at $0.8, more than double its current value, it first hit a low under $0.2 in June of the same year and then rose and fell back under $0.1 in March 2017. 

Due to the speculative bubble at the end of 2017, it reached its maximum value of $8.1 at the beginning of January 2018 and then began a long descent that brought it down to about $0.2 in December 2018. 

By April 2019 it was back up to $0.5, but by the end of the year, it had fallen again to around $0.12. 

During 2020, it had risen from $0.12 to $0.28 in mid-February and then fell again to around $0.1 on March 3rd. 

So, the share of over $0.4 reached today is close to the price it had in June last year but is most likely influenced by tomorrow’s hard fork

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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