We aren’t yet out of the bearish conditions, but most coins are trading in the green over the last 24 hours as sentiments warm up following relatively pleasing news from regulators. However, one coin that seems to be heading in the opposite direction is Siacoin. The latest dip that sees it lose about 5% of its value overnight comes in the aftermath of a price surge experienced just a day ago.
Siacoin (SC) briefly surged on Thursday as news of its listing on Binance reached the market. Binance had announced the decision to add the coin to its site in three markets.
Investors could now trade the coin against Binance Coin (SC/BNB), against Bitcoin (SC/BTC), and against Ethereum (SC/ETH).
Trading in these pairs went live this Thursday at 11:00 AM (UTC). As soon as the news about the listing reached the market, SC prices spiked by about 21 percent.
It reached a high of $0.0155. However, it also dropped to touch lows of $0.0120 before rising to close at $0.0144 as shown on CoinMarketCap.
In terms of trading volume, SC rose from about $14 million worth of tokens traded last Wednesday to over $114 million on Thursday. That represented huge leaps for this mineable coin. SC/BTC is now the second most traded pair on the market for the coin with about 32 percent, compared to SC/KRW on Upbit at 37 percent.
Even though its price spiked by 20 percent within a few hours, it wasn’t anywhere near its all-time high. SC is still more than 85 percent in red when compared to its all-time high of $0.111 which was reached on January 6, 2018.
Nevertheless, Siacoin’s listing on Binance is a step in the right direction. It potentially arrests the damage done when the coin was delisted by Cryptopia last year due to low trading volumes. It can also instill confidence in the community and drive further growth.
SC prices drop again!
The surge in Siacoin prices has been severely impacted by a mishap concerning the SC wallet on the Bittrex exchange. The team at the crypto expressed optimism that the issue would be resolved soon, telling its community:
“We’re working with Bittrex to resolve an issue that took their Siacoin wallet offline last night. We’ll keep you updated!”
It hasn’t been a good few hours since. The token’s value has tanked by about 5 percent to leave it 21 percent in the red. Though this may be resolved sooner, it rekindles the woes that befell Bytecoin in early May after being listed on Binance.
Some investors aren’t amused though, pointing out that these mishaps involving Exchange wallets somehow always occur after a major coin has been listed on a platform as the community awaits updates, one of the big questions for them relates to how long they have to wait.
Why the interest in Siacoin (SC)?
There’s a lot of optimism around Sia. The platform wants to reinvent and transform cloud storage as we know it. The aim is to leverage blockchain technology to harness underutilized storage capacity around the world.
Most of these will come from the global hard drive storage that many users do not fully utilize. In the end, the main goal will be to connect users who require storage facilities with others who can offer it at a fee, forming a kind of marketplace.
The great thing is that only Sia can be used on the network, meaning to access its services, users will need SC coins. And it’s cheap, roughly $2 of Sia able to secure about 1TB of storage space.
Unlike traditional giants like Google and Amazon, the Sia blockchain is decentralized and allows the marketplace to run independently of any intermediaries. There are no data harvesters as well as control is with the users.
The platform also uses smart contracts to secure transactions. The result is more security and reliability and it could soon rival and even surpass current market leaders. In the end, more users on the Sia network will lead to increased demand and essentially help push its value higher.
On the strength of its project and what it can achieve, Siacoin (SC) is still worth looking at and has a bright future in cloud storage.