Steem cryptocurrency is one of the older digital currencies in the market having been launched in July 2016. It is used to power the Steemit platform which is a blockchain social media platform. Steem is an important component of account on the Steem blockchain. Under Steem, there is the Steem Dollar and Steem Power. These units derive their value from the real value of Steem. According to the developers of the cryptocurrency, an investor needn’t hold Steem in its crypto form. They should buy Steem power or Steem dollars or even convert it to Bitcoins.

it a good coin to invest in

Since its launch, Steem crypto has been one of the most active in the market. On July 19th, 2016, the coin was trading for $4.34 and its market cap surpassed $384 million. The volumes traded then were at $3.3 million. Even though the price fell to a low of $0.14 in the early months of 2017, the crypto surged again when the major altcoins started performing extremely well in November 2017. On December 21st, the price passed the $4 mark and the market cap went beyond $1 billion.

Steemit has a vibrant engaging team of developers. This helps in making investors have trust in it. In addition, the team has announced on the crypto’s official site that you will soon be able to tokenize your content with your very own SMT. The crypto seems to keep its head above the water despite the current market rout. There is a lot of waiting and watching to be done in the coming days and this might eventually determine where this crypto will go.