As most of you have noticed the price of Steem has surged and is up 71.11% in the past 7 days and is currently valued at $1.85 (according to coinmarketcap.com) what is even more surprising is the absolute explosion in the value of SBD (Steem Backed Dollars), on the 20th November SBD had a value of $0.96 and had a market cap of $3,175,932 it is now valued at $7.33 and has a market cap of $26,906,638. This was surprising for me as i always thought SBD was supposed to be a non-volatile cryptocurrency that was pegged to the dollar at a ratio of around 1:1, though i am not complaining as i have been able to add to my SteemPower and have so far bought for 4.116 Steem for a total of 1.311 SBD.
Above is the daily timeframe for Steem and you can see that it reached a high of around $2.20 whether it will test these levels again and continue to rise only time will tell but i feel like there will still be a lot of buying pressure as SBD still remains at an all time high.
Thanks for reading and if you found this interesting consider upvoting, following and resteeming.
P.S. If you are interested in buying or selling Steem why not check out Changelly.
P.P.S. If you would like to learn more about BitConnect or sign-up for an account check out my Minds blog here.
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