Steem (STEEM) is perhaps the most famous cryptocurrency that is all about social media. It’s actually an awesome concept. Moreover, it is a concept that was executed successfully – and this crypto-coin is enjoying a lot of growth as a result.
In the past 24 hours alone, Steem is up by 63% and trading at $5.83. It’s trading 74% higher than it was 7 days ago. Looking back a full month, this cryptocurrency’s price has gained a solid 380 percent!
Which other financial instrument can give you that kind of profit?
Well, there are definitely a lot of cryptocurrency options that can grow their price even faster – but they aren’t like Steem. This one is unique, at least among its rival coins in the top-30 most valuable ranking.
This coin is the native token of a blockchain-based social network called Steemit. Steemit users can post content, which other users then “like” or “upvote.” If the social network’s community gives a lot of good feedback on your content, you earn STEEM.
Can you imagine getting paid just to post on Facebook or Twitter? That’s pretty much the concept of this cryptocurrency.
But is Steem a Good Cryptocurrency Investment?
Out of the top-30 most valuable digital currencies worldwide, this one is having the best day for growth. In second place today is TRON (TRX), which is up by 57%.
But Steem is already 6x more expensive than it was at the end of November. Looking at its chart (seen above), it’s hard to imagine that it could grow anymore.
But that’s what a lot of cryptocurrency analysts have said about a lot of different coins. My point is that crypto-coins are hard to predict. This one has seen fantastic upward-trending movement, and that momentum should continue. But wise traders might wait for a temporary pullback before buying in.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.