STEEM Cryptocurrency Records 67% Gains in One Month

STEEM breaks barriers and marks a new milestone in its trajectory, driven by a growing interest in the altcoin market.

In an exciting turn of events, the price of STEEM, the cryptocurrency of the eponymous ecosystem, records an impressive increase of 67.33% in the last month, going from USD 0.1496 to USD 0.2935 since November 5. This rally follows a bullish rally led by Bitcoin, which revitalized the interest in alternative cryptocurrencies.

Currently, STEEM is positioned above the 25-, 50-, 100-, and 200-day exponential moving averages (EMA), suggesting the possible start of a new bullish cycle / TradingView

A remarkable resurgence

STEEM left behind a bearish trend that persisted since May of this year. After holding a floor at USD 0.15 for three months, the cryptocurrency entered a short-term bull market. Currently, STEEM is trading above the 25-, 50-, 100-, and 200-day exponential moving averages (EMA), suggesting the possible start of a new bullish cycle. Additionally, a golden cross occurred, where the 100-day EMA rose above the 200-day EMA, a generally positive technical indicator.

Rising Trading Volume

The recent bullish move is accompanied by a significant increase in trading volume, which tripled over the past 30 days. This growth in trading activity is a clear sign of the growing demand for the STEEM cryptocurrency in the market. However, it faces key resistance at $0.32, a level that investors will be watching closely.

STEEM: More Than Just a Cryptocurrency

STEEM is not just a cryptocurrency; it is a blockchain-based social platform that allows users to generate immediate income by sharing content. Currently, STEEM is the only blockchain that supports real social applications, such as Steemit, which already has over a million users across over 324 STEEM-based applications. Since June, the platform has distributed a total of USD 59,595,935 in rewards to its users.

Transaction Comparison

STEEM outperformed Bitcoin and Ethereum in terms of processed transactions, with a total of 1,169,182 TX, compared to Ethereum's 545,224 TX and Bitcoin's 530,125 TX. This figure highlights the effectiveness and popularity of the STEEM network among its users.

Top STEEM Applications

Applications that use the STEEM blockchain are receiving a significant boost thanks to its growing user base. The top three applications are:

Steemit: Social blogging platform.
eSteem: STEEM-based mobile application.
DTube: Decentralized video platform.

With a market cap of $140.5 million, STEEM is positioned as a key player in the cryptocurrency ecosystem. Its recent performance and the growing interest in its platform suggest that STEEM could be on the threshold of even greater growth. Cryptocurrency investors and enthusiasts should keep an eye on future developments in this promising project.

Disclaimer: This article does not constitute financial advice. Investing in cryptocurrencies involves risk and thorough research is recommended before making investment decisions.