Steem’s Surprising Growth Spurt
Just when you thought things couldn’t get any crazier in the cryptocurrency world, enter Steem, the digital currency that made a headline-grabbing leap. Who knew that a social media platform rewarding its users for their online activity could give traditional currencies a run for their money? Thanks to a jaw-dropping 1000% surge around July 4, 2016, Steemit catapulted Steem from the 15th to the 3rd spot in the cryptocurrency hierarchy.
Market Movements That Shocked Investors
On July 3, Steem was lounging in 15th place with a market cap of just over $15 million—hardly worth breaking a sweat. Fast forward to a week later, and bingo! It was in 7th place with a market cap nearing $53 million. By July 17, it left Litecoin and Ripple in the dust, nabbing the 3rd position. The list of cryptos dwindled to just NEM and The DAO as rivals to beat on the road to Bitcoin, which was still taking its throne at the top with a hefty market cap.
What Lurks Ahead for Steem?
The million-dollar question (or billions, if we’re being practical) is whether Steem can hold onto its newfound fame. There are tons of users bragging about their success on Steemit, compelling others to hop on the digital bandwagon. However, in the fast-paced world of cryptocurrencies, the only constant is change—so who knows how long this magical ride will continue?
Ethereum’s Fork and Its Potential Impact
Amidst Steem’s growth, we can’t ignore the elephant—or rather, hard fork—in the room: Ethereum’s much-anticipated hard fork. Set for July 20 or 21, the fork aims to fix the damages from The DAO hack and transfer funds into a smart contract aimed solely at reimbursing investors. This might just be the catalyst for Ether’s price to soar once again.
The Cryptosphere: A Thrilling Roller Coaster
As we ride this exhilarating wave of cryptocurrency, it’s clear that Steem’s journey is as unpredictable as a toddler on a sugar rush. Will it maintain its upward trajectory, or are those gains destined to disappear faster than your favorite snacks at a party? Only time—and market behaviors—will tell!
