One of the newest cryptocurrency tokens, STEEM Dollars, designed as the reward token on the Blockchain-powered social network Steemit, strengthens its position on cryptocurrency markets and becomes one of the currencies that is gaining popularity faster than any other.
On August 17, one of the leading cryptocurrency exchanges, ShapeShift, announced that it is adding STEEM to the exchange. According to the announcement, also published on Steemit, users can now buy or sell Steem Dollars with BTC, ETC, ETH, DASH and XRP.
"There appears to have been approx $250k worth of volume for STEEM during the last 24h. At this time, there are over a dozen altcoins with more volume which we would be considering before adding STEEM.
Most major exchanges base the decision to add a crypto to their exchange on the popularity of said crypto. The most convenient measure of this would be their volume. I do not believe that STEEM, as a currency, has sufficient volume to entice major exchanges to adding them at this time.
There is, of course, potential with this altcoin, the lack of volume could be attributed to how new they are to the space and could certainly change with time."
Alex Matanovic, CEO of Serbian Bitcoin exchange also commented to CoinIdol about the prospects of adding new altcoins to the cryptocurrency exchange in other countries:
“We are not adding any altcoins at the moment. Local market for altcoins is too small, wouldn't make sense to add any for now. The market for all altcoins combined is like 10-20% of the size of bitcoin market here.”
To date, this means that ShapeShift is one of the few to have STEEM Dollars available for exchange.