Steem Price Tops $0.97 on Major Exchanges (STEEM)


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Steem (CURRENCY:STEEM) traded 11.1% higher against the dollar during the 1 day period ending at 11:00 AM Eastern on April 8th. Over the last week, Steem has traded down 20.8% against the dollar. Steem has a market cap of $359.59 million and approximately $13.94 million worth of Steem was traded on exchanges in the last day. One Steem coin can now be bought for about $0.97 or 0.00001678 BTC on major exchanges.

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

  • Bitcoin (BTC) traded 1.7% higher against the dollar and now trades at $57,817.88 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded 0.1% lower against the dollar and now trades at $635.01 or 0.01098286 BTC.
  • Bitcoin SV (BSV) traded 0.1% higher against the dollar and now trades at $243.26 or 0.00420737 BTC.
  • Bitcoin Cash ABC (BCHA) traded down 5.3% against the dollar and now trades at $34.72 or 0.00060047 BTC.
  • DragonVein (DVC) traded up 52.4% against the dollar and now trades at $0.50 or 0.00000869 BTC.
  • PIXEL (PXL) traded up 5.4% against the dollar and now trades at $0.12 or 0.00000200 BTC.
  • Namecoin (NMC) traded up 4.5% against the dollar and now trades at $1.57 or 0.00002718 BTC.
  • Crown (CRW) traded 1.7% higher against the dollar and now trades at $0.15 or 0.00000259 BTC.
  • DAOBet (BET) traded down 8.9% against the dollar and now trades at $0.0122 or 0.00000021 BTC.
  • Color Platform (CLR) traded up 37.8% against the dollar and now trades at $0.0140 or 0.00000024 BTC.

Steem Profile

Steem (CRYPTO:STEEM) is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. Its launch date was March 24th, 2016. Steem’s total supply is 387,641,510 coins and its circulating supply is 370,667,416 coins. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed here. The official message board for Steem is steemit.com/@steemitblog. The official website for Steem is steem.com.

According to CryptoCompare, “Steem.it is a blockchain-based social media platform where anyone can earn rewards by posting relevant content, curating quality content by upvoting and by holding Steem based currencies in a vest fund, which generates interest. There are three main currencies in Steemit: Steem, Steem Power (SP) and Steem Backed Dollars (SBD). Steem is liquid and can be bought in an exchange and converted into steem dollars or steem power. Steem Power is basically Steem that is locked in a vesting fund for 3 months. Users can use steem power to upvote content and get curating rewards. When a user upvotes content his steem power gets depleted and then slowly regenerated. Steem Power holders recieve interest from their holdings. The more Steem Power a voter has the more revenue he'll generate for himself (in form of SP) and for the content creator  (In SBD). There is also an incentive to upvote content early, as the rewards are distributed according to time. The earliest votes gets the biggest share of the reward. Steem Backed Dollars are there to protect content creators from volatitlity and can be traded for roughly 1 usd worth of steem, in order to cash out from steem. Converting Steem backed dollars into STEEM takes 5 days. Users also recieve interest from holding SBD. T Steem is a proof of work currency with a scheduled blocktime of 3 seconds. Steem PoW mining is done in rounds of 63 seconds by 21 miners (witnesses). 19 of the miners are pre voted, one is the other with the most computational power, and the last one is selected from a queue of witnesses that did not get on the top 19 voted witnesses. 90% of the block reward is allocated to a vest fund to reward curators and PoW miners, the other 10% are made liquid in the form of steem and are used to reward content creators. Steem gets converted to Steem Backed Dollars and sent to the content creator.   “

Buying and Selling Steem

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

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