Steem (STEEM) 24 Hour Trading Volume Hits $41.85 Million

Steem (STEEM) traded 7.3% lower against the dollar during the one day period ending at 10:00 AM Eastern on January 13th. One Steem coin can now be bought for about $0.25 or 0.00000271 BTC on popular cryptocurrency exchanges. Steem has a market capitalization of $119.96 million and $41.85 million worth of Steem was traded on exchanges in the last 24 hours. In the last seven days, Steem has traded down 15.4% against the dollar.

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

• Bitcoin (BTC) traded 2.5% lower against the dollar and now trades at $92,135.07 or 1.00000000 BTC.
• Dogecoin (DOGE) traded 4.1% lower against the dollar and now trades at $0.32 or 0.00000352 BTC.
• UNUS SED LEO (LEO) traded down 1.1% against the dollar and now trades at $9.22 or 0.00010003 BTC.
• Bitcoin Cash (BCH) traded down 7.5% against the dollar and now trades at $416.53 or 0.00452086 BTC.
• Litecoin (LTC) traded down 5.9% against the dollar and now trades at $96.37 or 0.00104591 BTC.
• Monero (XMR) traded 2.1% lower against the dollar and now trades at $199.16 or 0.00216156 BTC.
• Ethereum Classic (ETC) traded 5.7% lower against the dollar and now trades at $23.90 or 0.00025938 BTC.
• IOTA (MIOTA) traded 5.4% lower against the dollar and now trades at $0.32 or 0.00000343 BTC.
• Bitcoin SV (BSV) traded 6.7% lower against the dollar and now trades at $52.63 or 0.00057121 BTC.
• Arweave (AR) traded down 5.6% against the dollar and now trades at $14.78 or 0.00016045 BTC.

Steem Coin Profile

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 480,772,273 coins. The Reddit community for Steem is https://reddit.com/r/steemit and the currency’s Github account can be viewed here. The official message board for Steem is steemit.com/@steemitblog. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. 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. TSteem 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 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, Changelly or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Steem using one of the exchanges listed above.

STEEM/USD price chart by TradingView