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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