Steem Self Reported Market Capitalization Tops $23.49 Million (STEEM)

Steem (STEEM) traded 4.4% higher against the dollar during the 24 hour period ending at 8:00 AM Eastern on August 24th. Over the last seven days, Steem has traded 28.6% higher against the dollar. One Steem coin can now be bought for $0.0450 or 0.00000057 BTC on major exchanges. Steem has a total market capitalization of $23.49 million and approximately $5.09 million worth of Steem was traded on exchanges in the last day.

Here is how other cryptocurrencies have performed over the last day:

• Arweave (AR) traded up 0.1% against the dollar and now trades at $2.18 or 0.00002782 BTC.
• Bitcoin (BTC) traded 1.7% higher against the dollar and now trades at $78,395.18 or 1.00000000 BTC.
• Dogecoin (DOGE) traded 0.4% lower against the dollar and now trades at $0.0920 or 0.00000117 BTC.
• Zcash (ZEC) traded up 3.8% against the dollar and now trades at $847.19 or 0.01080664 BTC.
• UNUS SED LEO (LEO) traded down 1% against the dollar and now trades at $9.38 or 0.00011962 BTC.
• Monero (XMR) traded 1.4% lower against the dollar and now trades at $421.83 or 0.00538082 BTC.
• Bitcoin Cash (BCH) traded 0.4% lower against the dollar and now trades at $273.16 or 0.00348438 BTC.
• Litecoin (LTC) traded up 1.1% against the dollar and now trades at $52.86 or 0.00067422 BTC.
• Ethereum Classic (ETC) traded down 0% against the dollar and now trades at $7.81 or 0.00009966 BTC.
• NyanCoin (NYAN) traded down 2.2% against the dollar and now trades at $2.40 or 0.00008809 BTC.

Steem Profile

Steem (CRYPTO:STEEM) is a proof-of-work (PoW) coin that uses the PoS hashing algorithm. Its launch date was March 24th, 2016. Steem’s total supply is 556,232,924 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. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. The official message board for Steem is steemit.com/@steemitblog.

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 trade Steem should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, GDAX or Changelly. 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