Siacoin (SC) Value Reaches $.01 USD As Trading Volume Tops Ethereum
A lot of things are happening in the world of cryptocurrency as of late. Various currencies, assets, and tokens are all increasing in value right now. To some people, there does not appear to be a method to the madness. One coin that stands out over the past 24 hours is Siacoin. After a lengthy accumulation period, the currency finally surpassed the US$0.01 value. The bigger question is why this is happening right now.
SIACOIN SURPASSES US$0.01 AMID BUYING FRENZY
The Siacoin developers have released good news in the past week. This contributed to yesterday’s skyrocketing value from 600 Satoshis or $0.01651896 USD.
I personally own 3 altcoins related to decentralized storage. These are MAIDSafe (MAID), StorjCoin X (SJCX), alongside Siacoin (SC). The Siacoine project has built up quite the reputation since 2015. However, it has taken a while until people saw the value of this project. Developing a decentralized storage solution takes quite a bit of time, and the developers want to ensure everything is working properly before issuing news to the public. There is no reason to hype a project that has not materialized yet, after all.
NextCloud, a well-known alternative to Google Drive and Dropbox, now lets users expand their storage capacity by integrating Sia. That is quite a significant development, as expanding available storage through a decentralized and private solution does not happen all that often. This news dates back to over a month ago, yet very few people paid attention to this for some unknown reason.
So why the sudden price increase? The price has increased by as much as 37.3% over the past 24 hours. Your guess is just as good as mine. But it is evident there is a growing demand in China for Siacoin, because Yunbi generated close to $40m USD in 24-hour trading volume.
As usual, Poloniex is the largest market for SC right now, with close to $113m USD. There is a lot of cryptocurrency speculation trading place on Poloniex right now, and a lot of coins are increasing in value without a valid reason. I guess that’s why we call it ‘speculation’. Sia certainly has powerful technology powering the ecosystem. However, it is possible these are just large traders manipulating the market right now. it is an interesting development, to say the least. Why not ride the wave?
Queen Wiki / CryptoQueen