Today, the highest gainer – according to CoinMarketCap – is Steem (STEEM), which is currently trading at $5.64. That’s a 30.18% increase from its 24-hour-ago price, and that brings its market cap to a whopping $1.41 billion. Its newly pumped-up market value puts it in 26th place in terms of market value, which means that it is officially more valuable than Verge (XVG).
STEEM is the cryptocurrency of the Steemit social network. This social network, as most of you probably already know, is a blockchain-based content sharing platform. It is probably the most widely-known cryptocurrency-based coin on the market, and is frequently referred to as the “Facebook of cryptocurrencies.”
How does the STEEM coin work?
This cryptocurrency isn’t the only coin involved with the Steemit social network, but it is the most liquid and versatile in terms of what it can do or be exchanged for. There are also STEEM Power coins, which – when accumulated – mean that users have more influence over the value of comments and posts on the network. Lastly, there are Steem Dollars, which are more liquid and useful than SP coins – but we are here to talk about the most important coin for the network.
Users of this social media platform earn STEEM coins when they upvote content, engage with content, post popular content, etc. It’s basically like getting paid to be good at facebooking.
Is it a good investment?
This coin has been delivering an average daily return on investment (ROI) of 2.43%. It’s been generating a monthly ROI of 60.34% – according to CoinCheckup. This currency’s volatility trailing 30 days is 104.63%, while its volatility trailing 7 days is 50.54%.
This coin’s volume of trade is spiking right now, reaching $167.9 million in the last 24 hours. Over the last week or so, its daily volume has managed to stay below $90 million.
According to CoinCheckup, STEEM only has a total coin analysis score of 68.15%. But, as part of that umbrella score, this currency’s product strength scored a 77% and its coin strength score is 87%.
This is one of those coins that shot up quickly, was ushered into overvalued territory – then overcorrected. Where we are now is the bounce-back. But is it too late to buy in for swing traders?
Probably. This coin gained double digits today – what are the odds of that happening again tomorrow?
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.