Steem Self Reported Market Capitalization Tops $18.93 Million (STEEM)

Steem (STEEM) traded 1% higher against the U.S. dollar during the twenty-four hour period ending at 7:00 AM ET on August 4th. One Steem coin can now be bought for approximately $0.0362 or 0.00000057 BTC on exchanges. Steem has a total market capitalization of $18.93 million and $2.81 million worth of Steem was traded on exchanges in the last day. During the last seven days, Steem has traded 2.4% lower against the U.S. dollar.

Here’s how related cryptocurrencies have performed during the last day:

• Arweave (AR) traded 2.7% higher against the dollar and now trades at $1.82 or 0.00002843 BTC.
• Bitcoin (BTC) traded 2.1% higher against the dollar and now trades at $63,877.39 or 1.00000000 BTC.
• Dogecoin (DOGE) traded up 1.4% against the dollar and now trades at $0.0704 or 0.00000110 BTC.
• UNUS SED LEO (LEO) traded down 0.1% against the dollar and now trades at $9.74 or 0.00015248 BTC.
• Zcash (ZEC) traded 1.3% higher against the dollar and now trades at $488.51 or 0.00764765 BTC.
• Monero (XMR) traded up 0.6% against the dollar and now trades at $362.75 or 0.00567885 BTC.
• Bitcoin Cash (BCH) traded 1.8% higher against the dollar and now trades at $213.77 or 0.00334651 BTC.
• Litecoin (LTC) traded 0.3% higher against the dollar and now trades at $44.27 or 0.00069297 BTC.
• Ethereum Classic (ETC) traded 0.5% higher against the dollar and now trades at $6.59 or 0.00010317 BTC.
• NyanCoin (NYAN) traded 2.2% lower against the dollar and now trades at $2.40 or 0.00008809 BTC.

Steem Coin Profile

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 554,497,311 coins and its circulating supply is 522,267,379 coins. The Reddit community for Steem is https://reddit.com/r/steemit and the currency’s Github account can be viewed here. The official website for Steem is steem.com. The official message board for Steem is steemit.com/@steemitblog. Steem’s official Twitter account is @steemit and its Facebook page is accessible 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.”

Steem Coin Trading

It is usually not currently possible to purchase alternative cryptocurrencies such as Steem directly using US dollars. Investors seeking to acquire Steem should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, Coinbase or Changelly. 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