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Highlights
- STEEM is a community-focused blockchain network that acts as an alternative to traditional social media platforms.
- By combining social media features and the features of cryptocurrencies, STEEM crypto aims to create a fair, free-market economy that reflects each person's contribution.
- On Thursday, Steem crypto was trading at US$0.550993 with a volume of US$621,441,729 over a day, according to CoinMarketCap.
Steem (STEEM) crypto has been on a bull run of late. Amid the overall slowdown in the crypto market, Steem has been one of the few tokens that have managed to register an upward movement with gains of over 37% in the past 30 days.
If one were to further analyse the rally in the last 14 days or last week, the numbers get even better. The token registered gains of 58% and over 56%, respectively, according to CoinGecko.
As a community-focused blockchain network, STEEM acts as an alternative to traditional social media platforms. By combining features of social media along with the features of cryptocurrency, STEEM crypto aims to create a fair, free-market economy that reflects each person's contribution.
Also read: XCAD Network (XCAD) crypto: How long will the rally last?
On 28 April, the STEEM crypto token was witnessing a rally of 24.52% and a volume gain of over 200%.
What is making STEEM rally?
Steem seems to be rallying on the back of the Steemit Engagement Challenge Contest, which is a set of seven community challenges for the next four weeks. The contest will run up till 1 May, and each winner will stand a chance to win impressive rewards from the protocol.
The Steem protocol's bull run is, in fact, not a surprise considering just a week back, it had managed to witness gains of over 50% and a tremendous trading volume spike of over 6000%.
Steem is a unique blockchain because it flips its model and rewards the value to people who contribute the most. As a non-custodial and decentralised platform, the users can maintain control over their data and earn cryptocurrency rewards.
Also read: Mantra Dao (OM) crypto: Why is it rallying today?
Steem crypto's price performance
On Thursday, Steem crypto was trading at US$0.550993 with a volume of US$621,441,729 over a day, according to CoinMarketCap.
The Steem crypto was up by 24.52% in the last 24 hours. The Steem was witnessing a live market cap of US $217,615,535 and 394,951,699 STEEM coins in circulation.
This persistent bull run would have impressed the market participants, but they would also be aware that nothing can be taken for granted in the crypto market. Hence, investors will do well to ensure proper market research and stay abreast of the trends before taking any investment decisions.
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