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STEEM brushes aside controversy to surge as VeChain, Algorand fall

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Despite Bitcoin sustaining severe losses, its dominance in the crypto-market surged to 64.4%. After hinting at a bullish revival, many altcoins soon dropped, posting significant losses over the last 24-hours. At press time, the collective market cap had fallen to $221 billion.

Steem 1-Day Chart

The STEEM crypto, based on the social media and content-focused Steem blockchain, has been engulfed in controversy lately over the activities of Tron Founder Justin Sun. The young exec’s takeover of the blogging site called Steemit has fueled a centralization debate once again.

Unfazed by the fiasco, STEEM continued to rally and posted gains of 26.82% over the week. Despite intense market corrections, the crypto surged by 3.56% over the last 24-hours and was valued at $0.216, at press time. It held a market cap of $78.46 million and a trading volume of $4.007 million.

Source: STEEM/USD on TradingView

VeChain 1-Day Chart

VET token has suffered major setbacks with respect to its price after registering a year high in the second week of February. In fact, it was down by a whopping 30.98% over the past week.

At press time, the token was priced at $0.0045 after a decline of 5.91% over the last 24-hours. Additionally, VET held a market cap of $249.6 million and a 24-hour trading volume of $90.27 million.

Besides, one of the largest crypto-exchanges in Asia, Bitrue, announced offering its users a 10.2% interest rate for VeChain, along with three other cryptocurrencies over the next 30 days.

Source: VET/USD on TradingView

Algorand 1-Day Chart

Algorand was in the news recently after the blockchain was selected to power the Marshall Islands’ sovereign digital currency initiative. However, its coin, ALGO, depreciated significantly following market correction, with the token failing to recover. ALGO sustained 37.79% losses over the past week.

ALGO’s market cap stood at $174.5 million while registering a 24-hour trading volume of $77.93 million. The crypto was down by 7.03%, with its value recorded to be $0.267, at press time.

Source: ALGO/USD on TradingView


Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.
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