Steem Self Reported Market Cap Tops $26.76 Million (STEEM)

Steem (STEEM) traded 1.3% lower against the US dollar during the one day period ending at 7:00 AM Eastern on June 1st. Steem has a total market capitalization of $26.76 million and approximately $10.65 million worth of Steem was traded on exchanges in the last 24 hours. One Steem coin can now be purchased for $0.0512 or 0.00000071 BTC on popular cryptocurrency exchanges. During the last week, Steem has traded down 4% against the US dollar.

Here is how other cryptocurrencies have performed during the last 24 hours:

• Arweave (AR) traded 1% higher against the dollar and now trades at $2.26 or 0.00003107 BTC.
• Bitcoin (BTC) traded 1.7% lower against the dollar and now trades at $72,585.38 or 1.00000000 BTC.
• Dogecoin (DOGE) traded down 0.6% against the dollar and now trades at $0.10 or 0.00000138 BTC.
• UNUS SED LEO (LEO) traded 0.7% lower against the dollar and now trades at $9.99 or 0.00013769 BTC.
• Zcash (ZEC) traded down 0.6% against the dollar and now trades at $543.59 or 0.00748891 BTC.
• Monero (XMR) traded up 2% against the dollar and now trades at $367.98 or 0.00506965 BTC.
• Bitcoin Cash (BCH) traded 6.9% lower against the dollar and now trades at $284.15 or 0.00391465 BTC.
• Litecoin (LTC) traded down 2.4% against the dollar and now trades at $51.06 or 0.00070349 BTC.
• Ethereum Classic (ETC) traded 1.8% lower against the dollar and now trades at $8.06 or 0.00011098 BTC.
• NyanCoin (NYAN) traded down 2.2% against the dollar and now trades at $2.40 or 0.00008809 BTC.

Steem Profile

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 548,960,965 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. Steem’s official website 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.”

Buying and Selling Steem

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

STEEM/USD price chart by TradingView