Spring is drawing near and with it, the long crypto winter seems to be subsiding as well, at least for some cryptocurrencies. One of them is STEEM, the foundational cryptocurrency of Steemit, the first blockchain-based social network, whose listing for trading on one of the leading global exchanges has brought on some positive changes.
STEEM is recording some pretty good streaks lately, with the most recent one bringing the price to $0.377 or 0.00009767 BTC, or 6.05% and 6.04% against those respective currencies. The price has seen some variations in the past days, but the positive momentum seems to be holding.
Coinmarketcap positions STEEM as the 45th largest crypto asset in the market, with the token’s current market cap amounting to $118,932,379 USD.
The trading volume for the past 24 hours reached more than $6 million USD, in comparison to only $2,342,294 the day before.
The positive price changes follow news about U.S. digital asset marketplace Huobi.com listing STEEM for trading on February 25, along with XLM and XMR, bringing the total number of tradeable crypto assets at this major exchange to 15.
Said HBUS CEO Frank Fu, commenting on the news.
Although this information is what contributed to the surge, STEEM had started losing bearish momentum even sooner, at the beginning of February. STEEM looks like a slow but sure mover.
This is a big thing for Steemit/Steem and a ray of sunshine after a somewhat bleak year. As a reminder, Steemit went through a rough patch last year, when the company had to lay off a lot of its employees due to poor market conditions and low fiat returns and they were not alone in this.
However, it seems the things are changing for the better. Besides, the platform currently counts over 70,000 users, or how they like to be called – steemians, steemers, or even steemites.
Steem social blockchain mashes the best of two worlds – social media and cryptocurrencies in order to build a new kind of platform. Everyone is invited to create, share and rate contents on Steem’s network, earning STEEM tokens in the process, on the basis of performance in the community.
Hosting the majority of Steemit’s social and blogging sites, Steem’s network has created a link between blockchain and social media.
Steemit has developed a Smart Media Token protocol that is the basis of the Steem’s operation. Using the Proof of Brain algorithm, it allows community members to edit content and features on the basis of functioning capacity and quality.
STEEM coins are rewarded to the users for doing so, therefore a greater contribution equals more token earnings.
The last 3 days have seen STEEM gaining up to 29% against BTC, in the chart below we can see how the recent market bleeding has not influenced that much STEEM price.
On a bigger timeframe, as in the chart below, the resistances we could encounter see the main regions around 1030 and 1190 Satoshis, where the first one has already been hit starting a short term retracement.
The major supports for the price can be located around 890 and 800 Satoshis.
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