STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #11)

INTRODUCTION

THE STRONGER STEEM

Hi Steemians! I welcome you all to the 11th week of our weekly updates and analysis of “my Naira/my steem." This is where we take a look at how our naira and our steem has performed in relation to the influences from the general crypto market space. So let's get to this week's highlights.

EVENTS HIGHLIGHTS

• Market Overview

• STEEM/USDT Price actions

• Steem/Naira price actions

• Steem/Naira Statistics

• The Market Outlook

Market Overview

BTC/USDT

A shot from Bybit Exchange live chart*

The BTC gained some stability in the week even though its miners are expressing a move to sell off their BTC holdings. Report from analysts has it that the BTC is still targeting the $180,000 region considering the bullish Outlook. BTC is currently trading at $64,046.55 and has maintained the bullish stance after hitting a low of 48,974.00 on the 5th August 2024. See the supporting chart. The stochastic has remained stable above the 50 band level just as the RSI has also remained relatively stable above the 47 line band.

On a weekly basis, the BTC has gained $4,655.39 which reflects a 7.77% rise in the week. This optimism has also reflected on the steem and the naira as well.

STEEM/USDT Price actions

STEEM/USDT

A shot from Bybit Exchange live chart*

The steem has also gained some stability in the market owing to the general market improvements. It remained bullish almost throughout the week and made some gains.

On weekly basis, the steem made a price increase of 0.0242 reflecting a 13.86%.
Currently, steem is trading at 0.1882 above the previous week's low of 0.1620 steem/Usdt.

Steem/Naira price actions

Steem/Naira

source

Steem has maintained a stronger run against the naira in the week. Prior to the start of the week, steem started giving signs of recovery over Naira having been on the rise for six days without a down turn. Picking from its two weeks lowest low of N258.720 on 15th August 2024, it has risen to N306.220 on the 24th of August 2024 showing a recovery sign of N47.5.

This improvements may be attributed to the price recoveries from BTC/USDT and Steem/Usdt in the week.

Steem/Naira Statistics

Market Capitalisation
138,000,000,000 NGN

Fully Diluted Valuation
138,000,000,000 NGN

24 Hour Trading Volume:
25,270,000,000 NGN

Circulating Supply
469,734,779

Total Supply
469,817,395

Last 24Hr Closing Price
Steem/Naira: N306.220
Source

The Market Outlook/Conclusion

The market is lying in wait of the decisions of BTC miners. In the past three months, BTC miners have transferred huge number BTC to the decentralized OTC exchanges. This is due to the unfavorable rates of returns after the halving took place in April this year. The BTC sums transfered are awaiting the miners selling instructions. If the selling decisions of the miners finally happens, another round of bearish pressure may set in the market which May force BTC price down. This would also have a ripple effect on other tokens such as the Usdt and the steem.

Do have a prosperous week ahead