The digital currency behind Steemit decentralized social media platform, which rewards posters and voters online, overtook The DAO to be the world’s fifth most valuable cryptocurrency following its 1000% plus growth in the days following Steemit’s first cryptocurrency payout on July 4.
A week later, Steem moved to the seventh place with just NEM, The DAO, Litecoin, Ripple and Ethereum between it and the top currency, Bitcoin. At that point, its market cap had risen to $53,255,780.
Whether Steem will be able to maintain its growth or even gather more steam against the top two currencies is as good as anybody’s guess. Users sharing their beneficial experience with Steemit has worked well to push its subscriber base though we can’t say how long such would last.
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