Steem (STEEM) 1-Day Trading Volume Hits $3.30 Million

Steem (STEEM) traded down 1.3% against the U.S. dollar during the 1-day period ending at 7:00 AM Eastern on May 20th. Steem has a market cap of $28.19 million and $3.30 million worth of Steem was traded on exchanges in the last 24 hours. One Steem coin can now be purchased for approximately $0.0540 or 0.00000070 BTC on exchanges. Over the last week, Steem has traded down 9.1% against the U.S. dollar.

Here is how similar cryptocurrencies have performed over the last 24 hours:

• Arweave (AR) traded 3.1% higher against the dollar and now trades at $2.16 or 0.00002798 BTC.
• Bitcoin (BTC) traded up 0.8% against the dollar and now trades at $77,365.31 or 1.00000000 BTC.
• Dogecoin (DOGE) traded 0.2% lower against the dollar and now trades at $0.10 or 0.00000134 BTC.
• Zcash (ZEC) traded up 4.5% against the dollar and now trades at $584.14 or 0.00755045 BTC.
• UNUS SED LEO (LEO) traded 0.4% lower against the dollar and now trades at $10.03 or 0.00012970 BTC.
• Monero (XMR) traded up 2% against the dollar and now trades at $399.00 or 0.00515733 BTC.
• Bitcoin Cash (BCH) traded down 1.8% against the dollar and now trades at $367.32 or 0.00474786 BTC.
• Litecoin (LTC) traded down 0.4% against the dollar and now trades at $53.86 or 0.00069619 BTC.
• Ethereum Classic (ETC) traded 1.7% higher against the dollar and now trades at $9.00 or 0.00011627 BTC.
• NyanCoin (NYAN) traded down 2.2% against the dollar and now trades at $2.40 or 0.00008809 BTC.

About Steem

Steem is a proof-of-work (PoW) coin that uses the PoS hashing algorithm. It launched on March 24th, 2016. Steem’s total supply is 547,889,510 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 message board 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 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 Coinbase, GDAX or Gemini. 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