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Steem Outpaces Competitors to Lead the Uptrend

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Steem, an offshoot of Steemit, the media platform which is internationally renowned for rewarding users for posting content, has become the talking point in the crypto market these days. In the absence of any supply limit or inflation rate, Steem features among the most radical currencies available to the traders. Investors, who are attuned to the market news, must be aware of the meteoric growth of this altcoin. On the onset of the recent price slump in the crypto market, which has affected all the major currencies, Steem seems like the lone survivor of this catastrophic downturn.

Steem’s Value Skyrockets as the Major Coins Turn to Red

As the depression continues to plague the crypto market, this week witnessed some disastrous performance from the leading currencies. With the major currencies turning to Red and Bitcoin creeping back to $8,800 price range, Steem features among the biggest gainers this week, as its price moves up by 25% on April 26. The mid-week market crash, which can be associated with the news of the suspension of ERC-20 tokens following the hacking of smart contracts, was a severe blow to the investors. Much to the traders’ surprise, the price of Steem increased steadily, gaining 29% in the last 24 hours. The financial asset, which has moved by 42% this week, is trading at $3.56 at the time of writing.

Steem’s Market Response

When compared to other currencies, Steem’s performance has been rather impressive. The financial asset has also witnessed a steady rise in trading volumes. As of April 26, 2018, the trading value of Steem stands at $157,106,000. Steem, which is available at $3.56 or 0.00040899 BTC, is available on a number of popular exchanges like BuyUcoin, OpenLedger, Bittrex, Vebitcoin, etc.

Unlike BTC prices, which are exceedingly volatile, the price of Steem has been stable. The rise in the value of Steem, which can be linked to the uptick in Bitcoin prices, has become the talking point at the moment. The sudden rise in the price has taken the traders by surprise, as it is questionable considering the recent technical debacle which attacked the foundation of social media.

The executives of Steem have been silent on the issue, leading to introspections. As proposed by the analysts, such a spike can be pure speculation, created by UpBit, which is responsible for more than 50 percent of Steem trading.  As a relatively new addition in the cryptosphere, the blockchain is yet to reach maturity in terms of market uptake.

Partnerships

Supported by a stable community, Steem can do well without partnerships. However, the coin, which is on the rise, witnessed some exciting development in January. As per the announcement made in January 2018, Steemit will collaborate with the popular monetization platform, Datawallet. Ned Scott, the CEO of Steemit said:

“The social media monetization model is broken, both in terms of how platform users are rewarded, and how their data is owned and distributed. Steemit is currently working to resolve part one of that equation and Datawallet is tackling the second.”

Where Should You Trade Steem?

Steem Dollars are available on a number of notable exchanges, including Binance, UpBit, HitBTC, Poloniex, Tidex, OpenLedger  DEX and Bittrex. Although Steem Dollars cannot be purchased directly with US dollars, it has created quite a noise among the investors.  Investors looking to trade this financial asset will need to buy it using Ethereum or Bitcoin on an exchange that accommodates US dollars. This means investors can explore options like Coinbase, Gemini or GDAX.

Steem’s Forecast for 2018

Nourished by a vibrant community, Steemit has made a special place in the crypto space. Apart from its steady follower base, this lesser known currency boasts several exciting features. Also, it is backed by a team of highly skilled and vibrant developers. With some of the influential names associated with the blockchain, this social media based cryptocurrency has managed to attract the investors’ trust.  What’s more, the team has made it official that investors will now be able to tokenize their content using SMT. At any rate, this radical cryptocurrency, which is clearly leading the uptrend, has the potential to make it big this year. While many analysts dismiss the hype as a mere speculation, others anticipate some positive developments this year. As of now, we can only wait and watch how this cryptocurrency performs in the market. However, going by its price records in the first quarter, it’s not difficult to imagine it as the “game changer.”

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Phil Romans via Flickr

Blogs

3 Things to Avoid if You Want Your ICO to Succeed

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Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

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Bitcoin

Reasons Behind The New Bitcoin Crash

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Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

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Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

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WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

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