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Price Analysis

Siacoin Is On Its Way to Plunge Deeper Into The “Profit Pool”

Siacoin (SC) is a decentralized cloud storage platform that aims to give a tough tier to the existing storage solutions at both P2P and enterprise level. Siacoin stores data by encrypting, splitting it apart and then, distributing via its decentralized network. It is a great alternative for cloud storage solutions as it is very cheap. It enables its users to “rent out” their unused hard drive, and this is the reason why majority people have tagged SC as “Airbnb of hard drives.”

Present Status of SC

SC is currently getting traded at a value of USD 0.002417 (UTC time 08:25). It is holding the 52nd position in the cryptocurrency market. Currently, 39,617,029,320 SC are available to trade in crypto exchanges. Its present market cap has a value worth of USD 95,751,109. Compared to its yesterday’s price, the value of SC has been deterred by -0.63%.

Price analysis of SC on the basis of Siacoin charts

Siacoin

From the above chart, it is seen that currently, SC has a market value of 0.002406 USD or 0.00000062 BTC (UTC time 08:30). Its present market cap is currently getting traded at 95,335,714 USD with 24h volume worth of 711,249 USD. In contrast to its present price, the price of SC, nearly one month back, from the same chart, was found to be at 0.002371 USD. So, during this one month, the price of SC has got hiked by 1.47%. A slight bullish trend is being observed in this one month with price point 0.002278 USD as a very good support level.

Future price predictions of SC

Siacoin is under development, and its developers said that soon they would reach out to more number of projects including Blockstack and RNDR which can solve its scalability issues. The long term forecast of crypto analysts suggests that SC will start taking a good hike from this year only. It is expected that in the upcoming years, the value of SC will significantly increase. One of the major organizations, Netflix will soon be in partnership with Sia, and thus, it is expected that it will reach to more number of people, and by the end of 2019, the value of this crypto can be around $0.035. By 2022, SC will have the probability to rise to $0.0557. By 2025, it can even reach $1.

From the price predictions, it is evident enough that SC will be coming with more attractive updates that can woo a number of traders and investors. In this way, it can have more investors who will be interested in its innovativeness. As a result, it can be a good choice for long term investment.

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Conclusion

SC may not be a good choice at the beginning of this year but, with the addition of new protocols, it is expected that SC will have a good rise in its value in the upcoming days. So, investors should consider SC for long term investment.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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