Is buying Steem right now prudent? Let’s ponder this subject as the prices have increased these days and have reached a record high since 2018. But, of course, this price then fell a bit, so what should you do?
What is Steem?
Steem is an eccentric social blockchain that provides users with awards or rewards for circulating social media content. It handles the applications, including Stemmit blogging site. The users here become the owners and receive cryptocurrency as a reward for sharing and maintaining the confidentiality of data.
Steem chart is presented below:
Steem current price (Steem-USD)
Steemit was introduced to the world in 2016 through the wonders of software engineering expert Dan Larimer and business analyst and socialist Ned Scott. They also developed the protocol for Steem, but Ned parted ways with the organization during 2017. Steem blockchain was also launched by Steemit later.
You can trade coins of Steem through the blockchain. Furthermore, the developers of SMTs encourage the users to share and further develop the platform by providing them as a reward.
To further promote and give incentives to content creators on Steemit, the protocol provides a reward system that helps the participants evaluate valuable content and give tokens.
Steem uses ‘proof-of-brain’ instead of POW to validate transactions, but both are similar in some ways. This is also called ‘Proof of stake.’ This emphasizes the human resource’s work needed to disseminate the tokens amongst the users.
Steem tokens are curated through a simple policy; a new block is created every 3 seconds that follow. This is because Steem wants participants to provide valuable content for the network and curbs the POW policy that makes people support the network with the power of computers.
Steem follows a model of ‘One-Steem’ and ‘One-vote.’ This provides more rewards and influence to the highest contributing influencers and more control.
Various other support services that Steem provides include recovery of lost account, reputation system, savings account, and escrow services.
Steem blockchain is created to give a rapid response and provide an efficient network. This is because the platform needs ample support to handle the rush of traffic that many social media websites have to handle every second. This blockchain provides free transactions along with three confirmation times to top it all off. It has the ability to handle up to 10,000 trading transactions every second and has left Bitcoin behind in the race of transactions.
During the start of 2020, Steem faced adversities as Justin Sun, the founder of Tron blockchain, purchased it and started making amends to Steem blockchain. The Steem leaders, who verify and handle the blockchain, took action by going for a soft fork that barred the tokens held by Steemit.
The price of Steem hiked in March 2022 from $0.12 to a price level of $0.38, again fell to a sheepishly low price of $0.13 in November. In recent times, the price rose to 41.44 as of April 11, 2021. However, it still could not reach the record of $8.57 that it stood on in Jan 2018. The price again fell below $1 and fluctuated between $0.87 to $0.90 on and around 27th April.
Steemit Cryptocurrency Predictions
Steem cryptocurrency prediction projection shows that price can achieve $1.3 in the year 2021, then increase to a price of $1.6 by 2022 and by 2025 $2.5. Finally, by 2028, the price might fluctuate around $4.
Forecasting methodology is based on Bitcoin price analysis, supply and demand, and US dollar prediction.
Wallet Investor forecasts that the price will average $0.19 by June 2022. Then it might increase to $0.64. Finally, in 2025, it might fall even further to $0.03 and come back to $0.61 by December end.
CryptoGround expects that Steem will likely increase to $1.07 in the coming six months and rise even more to $1.12 in a year. It also speculates a crash around 2022, the same as Wallet Investor. However, later the price may recover and reach $3.69 by 2023 and $5.66 by 2025.
The Steem speculations by CryptoGround say that it might reach around the price of $1.07 in 6 months and reach $1.12 when a year completes. It also forecasts the price crash in the year 2022. The forecasters then speculate that the price will retreat and increase to $3.69 in 2023, $5.66 during 2025.
Coin Codex has also taken a bullish stance for a short period; this will follow the 50, 100, and 200-day moving averages, then go down for the 21-day moving average. Support can be found at $0.83, with more strong support at $0.71. You will find resistance at $0.96, $?1.00, and $?1.08.
Coin Codex’s technical analysis predicts that this will reflect the bullish trend in the future for a short period. It will stay ahead of the 50,100 and 200-day moving average but falls below 21 days moving average. At the price of $0.83, you will find support. More support is reflected at $0.71. However, there is resistance at $0.96, a price level of $?1.00, and $?1.08.
Is Steem Worth Investing?
Steem is worth investing in based on the current bullish crypto market condition, steem coin blockchain originality, high US inflation. However, cryptocurrency is a volatile market, and trading the cryptos is a highly risky investment.
Therefore, the best way to evaluate the benefits of this investment is to indulge in independent research and see if the investment fits your portfolio.
However, it is crucial to recall that investments are always laden with risk, and there is no astute method to gain profits.
Will the price of Steem rise?
They might rise as per the predictions of many forecast services. However, a fall is also expected by 2022.
What are price predictions for 2023, 2025, 2030?
There are different speculations by different forecasting companies. For example, wallet Investors think that price will go under $1 in the following 5 years. While according to CryptoGround and DigitalCoin, it might increase to around $3.
How to buy Steem?
The best opportunity is to buy Steem using CFDs (Contract For Difference) providers. However, major brokers didn’t start to provide Steem, yes, and as soon as possible we will create news when they start.
This allows you to follow the price level without even owning the coins. It is created to maximize the gains for volatile assets like cryptocurrencies. If the prices increase, you can resort to selling and short for the opposite situation.
However, you have to remember that success is not guaranteed, and you can also suffer loss if the prices rise adversely.