Steem Reaches Self Reported Market Capitalization of $33.99 Million (STEEM)

Steem (STEEM) traded 0.8% lower against the dollar during the twenty-four hour period ending at 7:00 AM ET on January 28th. One Steem coin can currently be purchased for $0.0651 or 0.00000072 BTC on popular cryptocurrency exchanges. Over the last week, Steem has traded up 1.8% against the dollar. Steem has a market capitalization of $33.99 million and $6.99 million worth of Steem was traded on exchanges in the last day.

Here is how related cryptocurrencies have performed over the last day:

• Arweave (AR) traded 1.5% higher against the dollar and now trades at $3.34 or 0.00003710 BTC.
• Bitcoin (BTC) traded 2.2% higher against the dollar and now trades at $89,989.13 or 1.00000000 BTC.
• Dogecoin (DOGE) traded up 3.5% against the dollar and now trades at $0.13 or 0.00000141 BTC.
• Bitcoin Cash (BCH) traded up 1.1% against the dollar and now trades at $595.91 or 0.00662198 BTC.
• Monero (XMR) traded 0.4% lower against the dollar and now trades at $476.69 or 0.00529724 BTC.
• UNUS SED LEO (LEO) traded 0.8% lower against the dollar and now trades at $9.16 or 0.00010175 BTC.
• Zcash (ZEC) traded up 3.7% against the dollar and now trades at $396.65 or 0.00440781 BTC.
• Litecoin (LTC) traded 1.5% higher against the dollar and now trades at $69.88 or 0.00077657 BTC.
• Ethereum Classic (ETC) traded 2.8% higher against the dollar and now trades at $11.58 or 0.00012863 BTC.
• NyanCoin (NYAN) traded 2.2% lower against the dollar and now trades at $2.40 or 0.00008809 BTC.

About Steem

STEEM is a proof-of-work (PoW) coin that uses the PoS hashing algorithm. Its genesis date was March 24th, 2016. Steem’s total supply is 538,104,735 coins and its circulating supply is 522,267,379 coins. Steem’s official website is steem.com. 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 message board for Steem 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 acquire Steem should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Steem using one of the aforementioned exchanges.

STEEM/USD price chart by TradingView