Steem Price Down 7.1% Over Last 7 Days (STEEM)

Steem (STEEM) traded up 0.5% against the dollar during the twenty-four hour period ending at 9:00 AM E.T. on May 28th. Steem has a total market cap of $96.21 million and $6.07 million worth of Steem was traded on exchanges in the last 24 hours. Over the last week, Steem has traded down 7.1% against the dollar. One Steem coin can now be bought for about $0.24 or 0.00000842 BTC on popular exchanges.

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

  • Bitcoin (BTC) traded 0.9% lower against the dollar and now trades at $28,943.99 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded 2% lower against the dollar and now trades at $177.44 or 0.00613046 BTC.
  • Bitcoin SV (BSV) traded 0.1% lower against the dollar and now trades at $49.03 or 0.00169382 BTC.
  • Namecoin (NMC) traded 7.7% higher against the dollar and now trades at $1.41 or 0.00004884 BTC.
  • Counterparty (XCP) traded 8.8% lower against the dollar and now trades at $4.12 or 0.00014223 BTC.
  • Bogged Finance (BOG) traded 19.1% higher against the dollar and now trades at $0.45 or 0.00001469 BTC.
  • DAOBet (BET) traded flat against the dollar and now trades at $0.0318 or 0.00000056 BTC.
  • Uno Re (UNO) traded up 16.5% against the dollar and now trades at $0.0871 or 0.00000301 BTC.
  • Unbound (UNB) traded down 11.3% against the dollar and now trades at $0.0027 or 0.00000009 BTC.
  • SafeBlast (BLAST) traded down 16.9% against the dollar and now trades at $0.0000 or 0.00000000 BTC.

About Steem

Steem is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. It was first traded on March 24th, 2016. Steem’s total supply is 409,190,981 coins and its circulating supply is 394,951,699 coins. Steem’s official website is steem.com. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. Steem’s official message board is steemit.com/@steemitblog. The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed 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. 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.   “

Steem Coin Trading

It is usually not currently possible to buy alternative cryptocurrencies such as Steem directly using U.S. dollars. Investors seeking to acquire Steem should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, GDAX or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Steem using one of the aforementioned exchanges.

Receive News & Updates for Steem Daily - Enter your email address below to receive a concise daily summary of the latest news and updates for Steem and related cryptocurrencies with MarketBeat.com's FREE CryptoBeat newsletter.