Steem (STEEM) 24-Hour Trading Volume Reaches $48.94 Million

Steem (STEEM) traded down 8.3% against the U.S. dollar during the 1 day period ending at 12:00 PM E.T. on April 30th. One Steem coin can currently be purchased for about $0.43 or 0.00001107 BTC on popular cryptocurrency exchanges. In the last week, Steem has traded down 10.3% against the U.S. dollar. Steem has a total market cap of $168.52 million and $48.94 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 down 0.3% against the dollar and now trades at $38,538.40 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded 3.1% lower against the dollar and now trades at $289.74 or 0.00751815 BTC.
  • Bitcoin SV (BSV) traded down 2.4% against the dollar and now trades at $75.22 or 0.00195188 BTC.
  • Namecoin (NMC) traded 1.4% lower against the dollar and now trades at $2.06 or 0.00005351 BTC.
  • Counterparty (XCP) traded down 12% against the dollar and now trades at $7.59 or 0.00019701 BTC.
  • DAOBet (BET) traded flat against the dollar and now trades at $0.0318 or 0.00000056 BTC.
  • Unbound (UNB) traded down 12% against the dollar and now trades at $0.0043 or 0.00000011 BTC.
  • SafeBlast (BLAST) traded 11.3% higher against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • PIXEL (PXL) traded down 0% against the dollar and now trades at $0.0017 or 0.00000004 BTC.
  • DragonVein (DVC) traded 5.6% lower against the dollar and now trades at $0.0013 or 0.00000003 BTC.

Steem Profile

Steem is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. Its genesis date was March 24th, 2016. Steem’s total supply is 409,190,981 coins and its circulating supply is 394,951,699 coins. The official website for Steem is steem.com. 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.

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 possible to purchase alternative cryptocurrencies such as Steem directly using US dollars. Investors seeking to trade Steem should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Gemini, Changelly or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Steem using one of the aforementioned exchanges.

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