Market Analysis on Siacoin
Siacoin (SC) is a cryptocurrency that facilitates the blockchain to pave its way elegantly into cloud storage space and make dramatic restructuring to it. While providers like Google Drive influence the current market, Dropbox and others, blockchain technology demands to create its application on Cloud Storage Space. Sia is a digital cloud storage space, powered by blockchain technology. This creates decentralized online cloud storage for users, which is rented when not utilized, for a particular amount that is paid in Siacoin cryptocurrency. In comparison with other storage services, SIA’s storage space comes at a much cheaper rate because it is used by a greater number of individual users. The revenue transactions are done using SC digital currency.
Blockchain acts as a ledger which holds the records of who stores, what and all the payment transactions. This is then broken into a storage unit of equal sizes, hashes them, and divides them into many host storage sites. The SC technology does not store all its files in one single server; instead, it makes many copies of the files on different hosts. This comes in useful when one of the servers fails, the information or access to it isn’t lost. The user alone has the key to access his data, and he/she will have to provide Proof-of-Work from time to time to put the clients at ease.
Reports from CoinMarkCap states that SC (SIA coins) stands as the 50th largest cryptocurrency; its market cap value is $93,981,267 on February 19th at 13:54 UTC. A recent analysis revealed that the market cap value of SC has been on a wave. The current value dropped by 45.35 percentage from the value on November 19, 2018. The heavy bearish pressure and aggressive competitions were the cause of the downward drift of the current market cap value. However, the cryptocurrency saw its all-time high in January 2018; the then MCap value was 1,237,598,409 USD. The analysis shows that the bears have the upper hand.
Current price value of USD and BTC are 0.002381 and 0.00000064 with the 24h volume is 2,066,925 USD on February 19 at 13:54 UTC. Both the prices of USD and BTC are on a sway. Along with MCap value, the BTC and USD values reached its peak in April 2018 and dipped right after and has been dipping continually. However, the price of BTC has been over MCap/USD pair. BTC has been range-bound, and the value decreased from 0.00000082 on November 18 to 0.00000064 on February 19. The pair took the major hit on an overall basis and has been on a downtrend. The currency reached its milestone between December 15, 2018, and December 24, 2018, with a whopping 41.92 percentage increase in the price of USD. The traders must explore the trend and contribute towards raising the value so as to keep the market uptrend.
The 20-day EMA has been with minor variations with the current value is significantly higher than the price on January 29 – a 2.30 percent increase. Hence, the market has fallen in favor of the sellers. Investors will have to explore and contribute to have the upper hand for themselves and to increase the value of the cryptocurrency. The traders will have to stay sideline and observe the trend of the cryptocurrency’s market for a long-term investment. Check out our forecast section to know more about Siacoin price prediction. It will give you an idea about the future prices of the coin and lead you to make a good profit.
