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.
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
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
One thing that is expected is the approval of Bitcoin ETFs…
Do or Die: 3 Crypto Projects that Really Need to Deliver Soon
Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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