Steem (STEEM) Hits Market Cap of $249.34 Million

Steem (CURRENCY:STEEM) traded up 7.3% against the U.S. dollar during the twenty-four hour period ending at 21:00 PM ET on October 13th. During the last week, Steem has traded down 0.5% against the U.S. dollar. One Steem coin can currently be purchased for $0.64 or 0.00001095 BTC on popular exchanges. Steem has a total market cap of $249.34 million and $13.58 million worth of Steem was traded on exchanges in the last day.

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

  • Bitcoin (BTC) traded 3.5% higher against the dollar and now trades at $58,314.38 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded 0.4% higher against the dollar and now trades at $595.16 or 0.01020609 BTC.
  • Bitcoin Cash ABC (BCHA) traded 8.3% lower against the dollar and now trades at $196.33 or 0.00336670 BTC.
  • Bitcoin SV (BSV) traded 0.8% higher against the dollar and now trades at $173.20 or 0.00297007 BTC.
  • Counterparty (XCP) traded 10.9% higher against the dollar and now trades at $23.32 or 0.00039983 BTC.
  • Namecoin (NMC) traded up 6.1% against the dollar and now trades at $1.59 or 0.00002724 BTC.
  • DAOBet (BET) traded 1.6% higher against the dollar and now trades at $0.0318 or 0.00000056 BTC.
  • DragonVein (DVC) traded down 0.8% against the dollar and now trades at $0.0050 or 0.00000009 BTC.
  • PIXEL (PXL) traded 3.4% higher against the dollar and now trades at $0.0047 or 0.00000008 BTC.
  • Citadel.one (XCT) traded 8.2% lower against the dollar and now trades at $0.27 or 0.00000465 BTC.

About Steem

Steem (CRYPTO:STEEM) is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. It was first traded on March 24th, 2016. Steem’s total supply is 407,375,715 coins and its circulating supply is 390,401,621 coins. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. The official message board for Steem is steemit.com/@steemitblog. The official website for Steem is steem.com. The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed here.

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.   “

Steem Coin Trading

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

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