Steem Hits Market Capitalization of $98.50 Million (STEEM)

Steem (STEEM) traded down 3% against the US dollar during the 24 hour period ending at 10:00 AM E.T. on January 29th. In the last seven days, Steem has traded down 5.8% against the US dollar. Steem has a market capitalization of $98.50 million and $35.12 million worth of Steem was traded on exchanges in the last day. One Steem coin can currently be purchased for about $0.20 or 0.00000200 BTC on major exchanges.

Here is how similar cryptocurrencies have performed in the last day:

• Bitcoin (BTC) traded down 0.5% against the dollar and now trades at $101,994.37 or 1.00000000 BTC.
• Dogecoin (DOGE) traded down 2.4% against the dollar and now trades at $0.32 or 0.00000317 BTC.
• UNUS SED LEO (LEO) traded 0.4% lower against the dollar and now trades at $9.73 or 0.00009531 BTC.
• Litecoin (LTC) traded down 2.2% against the dollar and now trades at $111.61 or 0.00109342 BTC.
• Bitcoin Cash (BCH) traded down 4.6% against the dollar and now trades at $408.89 or 0.00400567 BTC.
• Monero (XMR) traded up 1% against the dollar and now trades at $222.25 or 0.00217730 BTC.
• Ethereum Classic (ETC) traded 1.9% lower against the dollar and now trades at $25.19 or 0.00024681 BTC.
• IOTA (MIOTA) traded 5.3% lower against the dollar and now trades at $0.28 or 0.00000277 BTC.
• Bitcoin SV (BSV) traded down 2.9% against the dollar and now trades at $47.66 or 0.00046692 BTC.
• Arweave (AR) traded down 4% against the dollar and now trades at $12.64 or 0.00012383 BTC.

Steem Profile

Steem is a proof-of-work (PoW) coin that uses the PoS hashing algorithm. It was first traded on March 24th, 2016. Steem’s total supply is 482,041,041 coins. The Reddit community for Steem is https://reddit.com/r/steemit and the currency’s Github account can be viewed here. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. The official website for Steem is steem.com. Steem’s official message board is steemit.com/@steemitblog.

According to CryptoCompare, “Steem is a blockchain platform designed to reward content creation and curation with cryptocurrency, launched in 2016 by Ned Scott and Dan Larimer. It uses a Delegated Proof of Stake (DPoS) consensus mechanism, ensuring fast, fee-free transactions and decentralised governance. The platform’s three-token system includes STEEM, the native token used for rewards and liquidity; Steem Power (SP), a vested token for staking and governance; and Steem Dollars (SBD), a stablecoin intended to be pegged to the US dollar but often subject to volatility. STEEM is primarily used to reward users for posting and curating content, peer-to-peer transfers, and staking for governance. SP increases voting influence, while SBD offers a more stable, though fluctuating, form of payment. Steem’s core application is Steemit, a decentralised social media platform where users earn rewards directly from blockchain protocol incentives.”

Buying and Selling Steem

It is usually not presently possible to buy alternative cryptocurrencies such as Steem directly using US dollars. Investors seeking to trade Steem should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, Coinbase or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Steem using one of the aforementioned exchanges.

STEEM/USD price chart by TradingView