Most altcoins recorded double digits losses today as Bitcoin (BTC) sell off continued to drag the crypocurrency market to an overall market cap of $346 Billion, down from $813 Billion in January. However, Steem (STEEM) stood out among other altcoins by holding ground. It recorded a meager 3% loss while most crypocurrencies fell by 10% or more.
Steem (STEEM) is not the only cryptocurrency to exhibit such behavior. In the recent past, we have seen other utility coins with practical use cases do well even in bad times. A good example is Binance Coin (BNB) which usually holds ground even as Bitcoin (BTC) takes a hit. This explains that overall confidence in cryptocurrencies and the blockchain technology has increased significantly despite a falling overall market cap. Two years back, if Bitcoin (BTC) fell, most cryptocurrencies fell with it regardless of their use cases. Today, however that trend seems to be changing. Projects like Steem (STEEM) with actual work cases have shown investors that it will continue to be around no matter what happens to the rest of the market.
Steem (STEEM) is currently joined by thousands of content creators who get rewarded more fairly for their work than they are on platforms like Google and Youtube. This is because Steem (STEEM) believes in fair compensation and ranking of content. Over the years, people have found ways to dominate platforms like Youtube and Google to get their content to rank higher and hence reap the most rewards. This created problems for good content creators who despite their excellent contribution found it difficult to rank on most of these platforms due to manipulation and ineffective ranking algorithms.
Steem (STEEM) has set out to change all that by allowing anybody with an internet connection to join and start contributing from day one. The platform is very easy to use and users are rewarded for their content instantly. Payouts are made in Steem Dollars (SBD) which can be exchanged for Bitcoin (BTC) or even fiat currencies. In addition to quality content, Steem (STEEM) also takes into account the impact a contributor makes. If a contributor has more followers and frequently gets comments and likes on their content, they are likely to rank higher in future and will also be rewarded fairly.
Steem is currently trading at $2.34 and eyes a target of $3 in the near future. It reached a high of $9 in January before correction as Bitcoin (BTC) dragged the market down. The project seems to be undervalued at its current valuation seeing as it has the potential to grow into the next Facebook or Youtube. However, the platform is still in its early phases and the team would require doing more to justify a higher market valuation. User adoption is currently on the rise and Steam (STEEM) community is eager to help new contributors. Steam (STEEM) has also continued to do well against Bitcoin (BTC) and currently trades in the lower segment of the pitchfork with the likelihood of future gains.