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 this project, and it seems the native currency is finally appreciating in value to represent the potential value of this project. Thanks to an 86.15% gain over the past 24 hours, things are looking pretty good for the Siacoin price.
Major gains for the Siacoin price
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 some major gains in 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 resemble some pump-and-dump action as well.
More specifically, the Siacoin price has shut up all the way to $0.087 overnight. This is a pretty low value for a currency which can have a major impact on the future of data centers and decentralized networks as a whole. Although it is still too early to tell whether or not Sia and Siacoin will be a big success in the future, things are certainly looking rather promising right now. With the Siacoin price appreciating so much, Siacoin is now the 22nd largest cryptocurrency when ranked by market cap.
Considering how the Siacoin price seemed stuck at $0.0275 for quite some time, this move is all the more impressive. The current Siacoin uptrend started becoming visible on January 4th and it has spilled over to today. At its peak, the value of one Siacoin even reached $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 $515.27m worth of 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 determined at this point. It is a pretty solid trading volume for Siacoin, although it is a lot lower compared to what most top cryptocurrencies can generate these days. It’s certainly a big step up from the average of around $20m we mostly see for Siacoin.
The vast majority of Siacoin trading volume comes from the Bittrex exchange. Its BTC and ETH markets for SC generate nearly 99.5% of all volume right now. Do keep in mind Poloniex is also a good place to trade Siacoin, although the exchange’s price and volume are currently excluded on Coinmarketcap. The price on HitBTC is a lot higher compared to other exchanges, but people shouldn’t pay too much attention to this discrepancy either. All things considered, things look pretty good for this particular altcoin.
How the Siacoin price will evolve in the future, remains to be seen. More specifically, there is enough momentum to push toward $0.10 once again this weekend, although one has to keep in mind 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.