Steemit is a blockchain social media platform, and its associated cryptocurrency is called as STEEM. The users are rewarded for the creation and sharing of quality content. The uploaded content is verified and estimated by the community. Steem blockchain also supports another crypto coin – Steem Dollars. Both the coins work in a similar process. Steem coins cannot be mines. The delegated proof of stake algorithm is used for the extraction of new coins. The accounts that create blocks on the steemit platform are called witnesses. Out of the circulating supply, only 10% are to reward the witnesses; the rest are used for rewarding the content creators.
Current Statistics
Coinmarketcap evaluates the trading price of STEEM to be 0.487594 USD for the market cap value of USD 150,208,526 with the corresponding 24h volume trading at USD 1,520,126. Based on these data, STEEM is ranked the 50th cryptocurrency with a circulating supply of 308,099,390 STEEM coins out of a total supply of 325,073,484 STEEM. Coinmarketcap also estimates the return on investment (ROI) to be -24.19%. Negative percentile is based on the dip in current values from its relative value at the time of investment.
Market Expansion
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Steem traded at USD 166,212,197 with a trading price of 0.541025 USD at the beginning of March 2019. By the end, the MCap dipped to USD 130,380,508 USD trading at 0.423170 USD per token. The Market toppled by 27.48% in a period of 15 days. The values rose in the first week of April from USD 139,464,891 trading at 0.450850 USD on April 02 to USD 154,698,857 April 04 trading at 0.501095 USD. The market further improved when the values peaked to USD 164,195,916 USD and 0.533018 USD respectively on April 06 at 10:49 UTC. There was an average growth of 17.98%. However, the current values have depreciated from the peak price by 9.31%.
Price Prediction
Although there is a dip in the current market trend, Steem’s price is estimated to go high in the future. The price of Steem would increase by 195.78% by 2020 and would be purchased at 1.4432 USD. By the end of 2024, the price of STEEM is estimated to rise further by 1,281.42% reaching around 6.7404 USD. There are estimations for the selling price of STEEM reaching 0.476402 USD which is lesser than the current price but would increase to 2.09 USD by the end of 2021.
Conclusion
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The present deterioration in the price values points the market in favor of the sellers. However, there are hopes for a growing market in the future. Investors are advised to hold until then and invest once there is stability in the market to achieve huge benefits.
