Every two weeks or so I like to compare the current power-up statistics and see how we stand.
Here they are:
17 December 2019
|LIQUID STEEM||125,1 million|
Virtual Supply ≈ 371,192,495 STEEM
3 January 2020
|STEEMPOWER||209,5 million (+0,6 million)|
|LIQUID STEEM||125,6 million (+0,5 million)|
|SBD||7,4 million (0 million)|
Virtual Supply ≈ 372,693,656 STEEM
Numbers from 2019
It's the first report of the new year so I checked how much STEEM was created in 2019.
Last year ~43,6 million new STEEM was created.
That's a total increase of 15,2% (from 290,9 million to 335,1 million).
The inflation of STEEM should be around 8%-9%, so that was too high.
The SBD conversions (SBD is burned and STEEM is created) had a lot to do with the extra inflation.
11,89 million SBD was reduced to 7,4 million SBD in 2019.
A nice reduction but the massive printing of SBD in the big STEEM pump of 2017-2018 is still looming over us.
Optimum conversion is currently at a STEEM price of 20 cents (1 SBD = 5 STEEM).
When we hit 20 cents, expect the conversions to start again. If we are lucky we can blast past 20 cents and trade higher. Then there is no problem. But if not, and we linger at 20 cents, then you can expect (worse case) 7,4 million SBD * 5 = 37 million extra STEEM.
All the new STEEM from 2019 is mostly out there in liquid form (40 million) and the rest has been powered up.
I'll give my take on the price through the indicators I use for trend.
On the Daily STEEMUSD the trend is still bearish.
Every type of up move is quickly slammed back down.
We are currently trading below all the trendlines.
On a positive note, the indicators are slowly catching up with the price.
On the daily STEEMBTC chart, it looks a little better.
A lot of short and midterm indicators have started to level out.
Possible bottom around 1600 sats. But not confirmed.
If we can trade around these levels long term indicators should level out around the end of February.
The MA200 (green line) is catching up fast.
Next report in two weeks.
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