Steem (STEEM) Tops 24-Hour Volume of $37.79 Million

Steem (CURRENCY:STEEM) traded down 14.8% against the US dollar during the 1-day period ending at 18:00 PM Eastern on February 5th. Over the last seven days, Steem has traded 42.6% lower against the US dollar. Steem has a total market capitalization of $823.46 million and $37.79 million worth of Steem was traded on exchanges in the last day. One Steem coin can currently be bought for approximately $3.31 or 0.00047714 BTC on popular cryptocurrency exchanges including Upbit, Poloniex, OpenLedger DEX and Bittrex.

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

  • Bitcoin (BTC) traded down 16.5% against the dollar and now trades at $6,956.16 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded down 23.5% against the dollar and now trades at $888.38 or 0.12802000 BTC.
  • Counterparty (XCP) traded down 26.7% against the dollar and now trades at $22.89 or 0.00334511 BTC.
  • PACcoin (PAC) traded 18.3% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Namecoin (NMC) traded 22.1% lower against the dollar and now trades at $2.10 or 0.00030245 BTC.
  • Crown (CRW) traded 21.3% lower against the dollar and now trades at $1.81 or 0.00026037 BTC.
  • Unobtanium (UNO) traded 4.6% lower against the dollar and now trades at $124.51 or 0.01794190 BTC.
  • ATBCoin (ATB) traded down 12.7% against the dollar and now trades at $0.32 or 0.00004545 BTC.
  • CHIPS (CHIPS) traded down 15.9% against the dollar and now trades at $0.23 or 0.00003362 BTC.
  • Terracoin (TRC) traded down 18.5% against the dollar and now trades at $0.18 or 0.00002529 BTC.

Steem Coin Profile

Steem is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. It was first traded on July 4th, 2015. Steem’s total supply is 265,672,225 coins and its circulating supply is 248,698,131 coins. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed here. The official message board for Steem is steemit.com/@steemitblog. The official website for Steem is steem.io.

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. T Steem 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

Steem can be bought or sold on these cryptocurrency exchanges: OpenLedger DEX, Upbit, HitBTC, Poloniex and Bittrex. It is not possible to buy Steem directly using US dollars. Investors seeking to acquire Steem must first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Steem using one of the exchanges listed above.

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