In the world of cryptocurrency, there are so many currencies worth keeping an eye on, it almost becomes impossible to keep tabs on everything. One of the currencies in the top 25 making a lot of waves recently is Siacoin. Most people are familiar with Sia, and it seems its native currency is finally starting to reflect the potential value of this project. Thanks to an 86.15% gain over the past 24 hours, things are looking pretty good for Siacoin.
MAJOR GAINS FOR SIACOIN
Although most people only keep tabs on the top 10 cryptocurrencies, a lot of things are changing a bit further down the line. More specifically, a lot of currencies that aren’t in the top 20 have noted major gains over the past two weeks. One of those coins is Siacoin, the native currency of the Sia project. It was only a matter of time until more people realized the value of this particular project, although the current gains do indicate some pump-and-dump action as well.
Most recently, the Siacoin price shot all the way up to US$0.087 overnight. This is still a pretty low value for a currency which could have a major impact on the future of data centers and decentralized networks in general. Although it is still too early to tell whether or not Sia will be a big success in the future, things are looking rather promising right now. With the Siacoin price appreciating so much, Siacoin is now the 22nd largest cryptocurrency in terms of its market capitalization.
Considering that the Siacoin price seemed stuck at US$0.0275 for quite some time, this move is all the more impressive. The current Siacoin uptrend started becoming visible on January 4, and it has spilled over to today. At its peak, the value of one Siacoin even reached US$0.093, although it is obvious why this price momentum could not be sustained. More specifically, the all-time high was rejected fairly quickly, mainly because people took healthy profits and tried to buy back in cheaper.
Thanks to US$515.27 million in 24-hour trading volume, things are looking good for Siacoin as we speak. Whether or not this volume will keep up or even increase in the next few hours remains to be seen. It is a pretty solid trading volume, although it is a lot lower than what most top cryptocurrencies can generate these days. It’s certainly a big step up from the average of around US$20 million we’ve mainly seen for Siacoin.
The vast majority of Siacoin’s trading volume comes from the Bittrex exchange. Its BTC and ETH markets for SC are generating nearly 99.5% of this coin’s total recorded trading volume right now. Do keep in mind that Poloniex is also a good place to trade Siacoin, and the exchange’s price and volume are currently excluded on CoinMarketCap.com. The price on HitBTC is a lot higher compared to other exchanges, but people shouldn’t pay too much attention to this discrepancy. All things considered, things are looking pretty good for this particular altcoin.
How the Siacoin price will evolve in the future remains to be seen. There is enough momentum to see a push toward US$0.10 once again this weekend, although one has to keep in mind that people will keep scalping profits whenever the opportunity presents itself. Especially given the recent Siacoin price gains, buying at the top is not advised. Those brave enough to take the gamble may still net some decent profits in the next few hours, though.
Source: https://themerkle.com/siacoin-price-reaches-a-new-all-time-high-of-0-093/
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
I own some SIacoin as I believe it has tremendous opportunity for the future. Do you hold any Siacoin?
I dual mine sia and keep it locked away for the future. It will probably grow 10x easy if the project fulfills it's goals in the datacenter space.
I would very much like to get into sia mining but I'm not that technical. Do you need higher end miners for it or can you mine it with every day computers? I wonder what is considered a large amount of sia, does one need at least 1 million sia to say you hold quite a bit, or could that number be less?
At it's current price I would advise buying over trying to mine it if you don't already have the hardware. Of course I'm not giving investment advice or anything, but with the custom sia ASIC miners being made, the GPU mining of siacoin has its days numbered.
I guess the part about buying instead of mining goes for most cryptocurrency right now too though. The only exception would be Monero, or any cryptonight based coin really. That algorithm can be mined with old junker graphic cards and still get a decent hashrate, and CPU's too.
I currently own sc on poloniex but it’s ath was on Bittrex guess I’ll just hold it as the wallets are down on Bittrex.
The vast majority of trading happen on those platforms so when all is sorted out I'm sure things will look up even more :)
Have you followed the EMB burn to Chartis? I find this could be an interesting business opportunity for SC. With the Chartis launch a few days ago, they mentioned that they have partnered with a major data storage crypto. Chartis, so in its infancy it does not have a white paper, will one day need major amounts of cheap storage to store its users GPS locations. It will use proof of location, a first in the crypto world.
Thinking of the coins associated with data storage - Maidsafe, Storj, and SC, which one could they have partnered with? I imagine it is SC as they are the only company that I know of with an actual working product. If the news comes out that they have partnered with SC, it could skyrocket the SC price and blow out all the profit taking currently in progress. HODL.
I think that when SC is ready to start proper marketing the price will explode.
I agree they could easily pump the coin with better marketing, but without a user friendly product that my grandpa could use, would this be wise?
I agree with you, I think they are doing it the right way right now. That's why I am loading up every time I can. In two years I plan on buying a ranch someplace nice and starting a relaxing life :)
So do I! SC to the moon!
I know some people who would be very excited by this subject line!
Me too. I wish I had bought more when it was under 60 but I got as much as I could afford and am happy its going up. I have to admit though I did load up on a lot at a higher price so at least I brought my average down.
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