Steem capitalisation hits new maximum

The price of steem cryptocurrency, which is the basis of Steemit decentralised social network, jumped by 35% in one day. Steemit market capitalisation has set a new record as it exceeds $409 mln.

In terms of market cap, Steem is still in the third place among blockchain systems after bitcoin and ether. The token rose price has risen to $0.0068468 — last time the cryptocurrency traded at this level on 13 July. The daily volume of transactions also rose making almost $4 mln over the last day.

The bulk of Steem tokens trading is made on Poloniex cryptocurrency exchange, which accounts for more than a half of the total daily trading. Another exchange, Bittrex, has become a platform for just under a half (44.76%) of Steem tokens trading. More than 95% of tokens trade is carried out by exchange for bitcoins, the remaining few percent of transactions are exchange operations with ether and US dollars.

In early July, Steemit decentralised network made its first user reward payout to the amount of $1.3 mln. At that time, it accounted for 10% of Steem capitalisation. After the payment, steem token rate began rapid growth having increased more than tenfold in two weeks.

On 14 July, the platform was attacked. About 260 accounts were hacked and Steem cryptotokens to the value of $85,000 were stolen.

Steemit is a blockchain-based social network where users are rewarded for publications. Steemit.com beta-version was launched in May 2016, and the official launch was scheduled to take place in July. However, the recent cyberattack may affect the launch date.