Steem (STEEM) Price Analysis : Synopsis on STEEM’s Surging Market
STEEM is a blockchain network that hosts Steemit’s social and blogging sites. Steem’s network aims at introducing the blockchain to social media. It plans on expanding and decentralizing the social network by transferring revenue from the advertisers to the users. The users earn rewards for posting contents, depending on the quantity and quality of the content. Corporates utilize this platform to advertise their content and earn from it simultaneously. Also, rewards are given to the users for voting and commenting on certain blogs and articles. The number of Steem coins grows by 100% every year. Hence there is no limit for the quantity. It can be purchased using Fiat currencies from major exchanges. There are two other digital currencies in the network apart from STEEM – Steem Power and Steem Dollars.
STEEM is ranked 41st cryptocurrency in the market with the MCap value trading at USD 148,146,391 on March 12 with the corresponding 24h volume of $5,865,316 which is higher from its relative value on January 23 with a value of USD 133,613,124, a hike by 10.88%. This trading value is based on the circulating supply of 305,591,184 STEEM coins out of a total supply of 322,565,278 STEEM. The market cap value started as low as 80 million dollars in January and reached its current value which is close to 150 million USD. The values have been on a linear wave until February 25 after which there has been a gradual but stable increase in the MCap values. This is proved by the 20-day exponential moving average which shows the increase in values from $104,859,310 on February 20 to $148,146,391 (current value) with a shooting percentage of 41.28%. This drowns the cryptocurrency’s market under bullish pressure.
CoinMarketCap has also been observing the prices of USD and BTC along with the MCap values. The present prices of USD and BTC on March 12, 2019, are $0.484788 and 0.0012519 respectively. Stats show that, although the price of BTC has been on a major swing, the price has taken the lead, followed by the MCap/USD pair. The price of BTC started as low as 0.00006988 at the beginning of January 2019 and has bounced up by 79.15% to reach the present-day value. Both the pricing of USD and the MCap values have been on a similar wave, with the same level of ups and downs. The market reached its pinnacle on March 11 at 05:34 UTC with its MCap value as high as USD 167,445,663, the prices of USD and BTC were $0.545351 and 0.00013796, and the 24h volume was $20,611,426. The numbers have been on a stable uptrend with a significant increase in values, and the overall market is booming. The cryptocurrency reached its milestone with the price of USD shooting from USD 0.304025 on February 25 to USD 0.419634 on March 01, a whopping 38.03% growth within 04 days.
The 14-day Moving Average of this digital currency also exhibits an uptrend with Mcap value increasing from $111,974,274 on February 26 to the current value by 32.30%. With both the percentages of the moving averages rising and the bullish market, traders can invest in this cryptocurrency to keep the market uptrend and be the receiver of good profits in the future. Since, the market balance rests in favor of strong buy, a long term investment by the investors on this cryptocurrency would be returning higher benefits for a long time in the future.
