Steem (STEEM) Hits Market Cap of $110.36 Million

Steem (STEEM) traded 2.9% lower against the US dollar during the 24 hour period ending at 9:00 AM E.T. on January 25th. In the last seven days, Steem has traded down 6.8% against the US dollar. One Steem coin can currently be purchased for approximately $0.23 or 0.00000219 BTC on major exchanges. Steem has a market cap of $110.36 million and approximately $84.24 million worth of Steem was traded on exchanges in the last 24 hours.

Here’s how other cryptocurrencies have performed in the last 24 hours:

• Bitcoin (BTC) traded 0.6% lower against the dollar and now trades at $104,594.71 or 1.00000000 BTC.
• Dogecoin (DOGE) traded 3.3% lower against the dollar and now trades at $0.35 or 0.00000334 BTC.
• Litecoin (LTC) traded up 6.2% against the dollar and now trades at $126.96 or 0.00121387 BTC.
• UNUS SED LEO (LEO) traded 0.9% higher against the dollar and now trades at $9.81 or 0.00009383 BTC.
• Bitcoin Cash (BCH) traded 0% higher against the dollar and now trades at $440.09 or 0.00420753 BTC.
• Ethereum Classic (ETC) traded 4.7% lower against the dollar and now trades at $26.87 or 0.00025694 BTC.
• Monero (XMR) traded down 1.7% against the dollar and now trades at $217.71 or 0.00208147 BTC.
• IOTA (MIOTA) traded 4.8% lower against the dollar and now trades at $0.32 or 0.00000306 BTC.
• Bitcoin SV (BSV) traded up 0.1% against the dollar and now trades at $52.28 or 0.00049984 BTC.
• Arweave (AR) traded 4.1% lower against the dollar and now trades at $14.50 or 0.00013867 BTC.

About Steem

Steem (CRYPTO: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 481,716,448 coins. The official website for Steem is steem.com. Steem’s official message board is steemit.com/@steemitblog. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. The Reddit community for Steem is https://reddit.com/r/steemit and the currency’s Github account can be viewed here.

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 purchase alternative cryptocurrencies such as Steem directly using U.S. dollars. Investors seeking to trade Steem should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Steem using one of the aforementioned exchanges.

STEEM/USD price chart by TradingView