Steem (STEEM) Price Down 13.4% Over Last Week

Steem (STEEM) traded 5.9% lower against the US dollar during the one day period ending at 7:00 AM Eastern on February 1st. One Steem coin can now be purchased for $0.0572 or 0.00000073 BTC on popular cryptocurrency exchanges. Steem has a total market capitalization of $29.87 million and approximately $34.62 million worth of Steem was traded on exchanges in the last 24 hours. During the last week, Steem has traded down 13.4% against the US dollar.

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

• Arweave (AR) traded 6.7% lower against the dollar and now trades at $2.58 or 0.00003294 BTC.
• Bitcoin (BTC) traded 5.4% lower against the dollar and now trades at $78,300.72 or 1.00000000 BTC.
• Dogecoin (DOGE) traded down 5% against the dollar and now trades at $0.11 or 0.00000135 BTC.
• Bitcoin Cash (BCH) traded 0.2% lower against the dollar and now trades at $533.50 or 0.00681348 BTC.
• UNUS SED LEO (LEO) traded down 5.1% against the dollar and now trades at $8.74 or 0.00011166 BTC.
• Monero (XMR) traded down 11.9% against the dollar and now trades at $429.44 or 0.00548450 BTC.
• Zcash (ZEC) traded 5.7% lower against the dollar and now trades at $298.64 or 0.00381406 BTC.
• Litecoin (LTC) traded down 5.9% against the dollar and now trades at $59.17 or 0.00075567 BTC.
• Ethereum Classic (ETC) traded 5.1% lower against the dollar and now trades at $9.73 or 0.00012424 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 538,440,074 coins and its circulating supply is 522,267,379 coins. Steem’s official website is steem.com. The official message board for Steem is steemit.com/@steemitblog. The Reddit community for Steem is https://reddit.com/r/steemit and the currency’s Github account can be viewed here. Steem’s official Twitter account is @steemit and its Facebook page is accessible 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. 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.”

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