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.