Steem (STEEM) Price Down 11.1% This Week

Steem (STEEM) traded up 2.3% against the US dollar during the 24-hour period ending at 9:00 AM E.T. on March 2nd. In the last week, Steem has traded 11.1% lower against the US dollar. One Steem coin can currently be bought for about $0.15 or 0.00000179 BTC on exchanges. Steem has a total market cap of $76.07 million and approximately $19.81 million worth of Steem was traded on exchanges in the last 24 hours.

Here’s how similar cryptocurrencies have performed in the last 24 hours:

• Bitcoin (BTC) traded 0.6% higher against the dollar and now trades at $85,120.05 or 1.00000000 BTC.
• Dogecoin (DOGE) traded up 0.9% against the dollar and now trades at $0.20 or 0.00000238 BTC.
• Litecoin (LTC) traded down 4.6% against the dollar and now trades at $119.25 or 0.00140092 BTC.
• UNUS SED LEO (LEO) traded 0% higher against the dollar and now trades at $9.75 or 0.00011453 BTC.
• Bitcoin Cash (BCH) traded 2.8% higher against the dollar and now trades at $317.23 or 0.00372690 BTC.
• Monero (XMR) traded up 3.3% against the dollar and now trades at $224.74 or 0.00264032 BTC.
• Ethereum Classic (ETC) traded 0% lower against the dollar and now trades at $18.93 or 0.00022234 BTC.
• NyanCoin (NYAN) traded 2.2% lower against the dollar and now trades at $2.40 or 0.00008809 BTC.
• IOTA (MIOTA) traded 3.5% higher against the dollar and now trades at $0.21 or 0.00000241 BTC.
• Bitcoin SV (BSV) traded 0.3% higher against the dollar and now trades at $34.43 or 0.00040447 BTC.

Steem Profile

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 500,417,704 coins. The official website for Steem is steem.com. Steem’s official message board 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 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 possible to purchase alternative cryptocurrencies such as Steem directly using US dollars. Investors seeking to acquire 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