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
About a week ago, we touched upon the concept of Siacoin. The developers have released quite a bit of good news, which should have sent the value skyrocketing. For some odd reason, the price momentum was delayed by quite a margin. It took until last night before anything major happened to Siacoin. As a result, the price is now 603 Satoshi per SC, or US$0.015302.
While it is true Siacoin is not the only currency related to decentralized storage, the 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.
It appears 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.
Interestingly enough, there is no other major news over the past few days to warrant the sudden price increase for SC. The price has increased by as much as 37.3% over the past 24 hours. It is possible this is just a delayed market reaction, although it is anybody’s guess as to what is going on with Siacoin exactly. It is evident there is a growing demand in China for Siacoin, though, as Yunbi generated close to US$40m in 24-hour trading volume.
As we come to expect these days, Poloniex is the largest market for SC right now, with close to US$113m. 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. 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.
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I think that people withdraw money from DigiByte because they are ,,scared" of losing money and now put it into SiaCoin. Basically it is money from DigiByte. I think that is what happening right now.
Interesting.
Have a follow.
Thanks! I follow you too.
followed you as well @slavko993 -- I've never even heard of #Saicoin (so many currencies) --- always good to learn from people who are 'in the know' :) --
I got Sia 2 weeks ago for fun. Now I like my small investment :)
I'm also on Digibyte,.. though DGB jumped quite a bit on June 2nd.
Your point is interesting, though they both follow somewhat same pattern on up and down..
meep
very interesting. Do you own Siacoin?
Not yet, but I think I will buy a small amount
Yes, those prices are hard to argue with. How about CloakCoin?
what is #CloakCoin? (so many currencies)
I don't know too much about CloakCoin
I am watching siacoin and bytecoin, having invested in them less than two weeks ago in small amounts. It is exiting! These smaller coins are going to fill in the gaps of a failing, global fiat system.
They'll be the mortar of global economics, patching the holes made by greed and waste. I suspect this will happen at an accelerated rate.
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I can see it going up to .30 by the end of the year. What do you think? Great post BTW!