- Siacoin (SC): Birth Of A New Era
- Siacoin: Revolutionizing The Crypto Space
- Siacoin Price Prediction: Price History And Technical Analysis
- Siacoin Price Prediction: From Industry Experts
- Is Siacoin A Good Investment? When Should You Enter?
- Final Thoughts
Siacoin is the crypto that powers a file storage blockchain. Let’s check out its future potential from our Siacoin price prediction.
Sia is a secure marketplace in the blockchain for cloud storage, in which users can lease their unused space. Dropbox and Google Drive are the major players in cloud storage. Can Sia be a blockchain alternative? Let’s check out our Siacoin price prediction to know more about Siacoin, and its offering, explore Siacoin developments, Siacoin price prediction, average trading price, Siacoin price analysis, and decide whether you should add this coin to your investment portfolio.
Siacoin (SC): Birth Of A New Era
The blockchain infrastructure has made the DeFi ecosystem relatively straightforward and has also integrated various applications and data on the cloud enormously easy to store. While most of the cryptocurrencies in the market are focused on only making the transactions lightning fast and lowering gas fees, platforms like Sia are focused explicitly on conceptualizing a system where all agreements and transactions are implemented with smart contracts and are safely stored in cloud so that that the data is always available and comfortably accessible when required and simultaneously utilizing the unused storage space.
Sia is bringing a revolution in a technology-driven society that increasingly gathers more data, and there could be more demand for a decentralized alternative to data storage. Siacoin expects to tap into that demand as it accelerates to release the next major update to its blockchain network. Let’s know about Siacoin’s current details to better clarify our Siacoin price prediction.
|Price Change 24H||+0.15%|
|Price Change 7D||+5.39%|
|Circulating Supply||51,766,972,992 SC|
Siacoin: Revolutionizing The Crypto Space
Sia network was initially developed in 2014, and it was officially launched in June 2015 by David Vorick and Luke Champine. The native token Siacoin has made a massive contribution to the decentralized cloud storage system, replacing the spare hard drive space. It stands as one of the major contributors to the DeFi space and is giving tough competition to the industry’s most prominent players like Amazon, Google, and Microsoft in terms of cloud storage solution providers.
Siacoin is designed to facilitate transactions through smart contracts and is introduced as mining rewards through Sia network’s proof-of-work (PoW) mining algorithm. The foundation team aims to launch a proof-of-burn mechanism, and team Sia has mined around 100 blocks (around 30 million SC) before releasing the mining algorithm publicly.
The working module of Sia blockchain is very similar to Google Drive or Amazon S3, but instead, the network utilizes rent data storage space in a P2P network. Using a proof-of-work consensus algorithm, the Sia blockchain has guaranteed the whole process to be entirely secure and safe for users as miners compete with each other to add new blocks to the blockchain here, and a majority of miners must confirm a record for it to be posted. The foundation team of Sia divided networks into 30 encrypted segments, with each part uploaded to a unique host for redundancy.
The agreements made between uploaders and hosts are recorded on the Siacoin (SC) ecosystem and applied using smart contracts. Hence Siacoin acts like a payment mediator network, with renters paying hosts using Siacoins and hosts locking SC in smart contracts as collateral on which Siacoin entirely relies to store files.
Siacoin Price Prediction: Price History And Technical Analysis
Siacoin had shown an optimistic return on investment in the past. It is vital to know Siacoin’s price history so we can get an idea about its future price potential. However, price history does not guarantee our Siacoin price prediction.
Siacoin was launched in the market at $0.00004 in August 2015, and Siacoin did not see much price activity for the first two years. The coin witnessed its first spike in the summer of 2017 as the Sia network released an update titled ‘Capricorn’. Siacoin saw a price hike during that period, ascending from $0.001 on 30 April 2017 to a peak of $0.019 on 22 June. Afterwards, Siacoin reduced in value to below $0.01 in July, and it kept falling further in September to around the $0.004 mark – although this was still 100 times its launch price.
The utility token sustained around that price until December when it started a bullish move. On 1 December 2017, Siacoin’s price was at $0.006 and had reached $0.03 by the end of the month. The price trend continued to be bullish and skyrocketed to its all-time high of $0.11 on 6 January 2018. In January 2018, Sia launched a new brand and website, focusing on the primary message that the blockchain was the most secure and affordable of any alternative. The blog post said: “This new site does a much better job of explaining our mission and goals and getting our users information they’ll need to succeed with our product.”
After the rebrand was completed, the price jumped again, closing at $0.05 on 17 April 2021. However, after a few months, it slumped and reached $0.026.
Due to the recent market crash, Siacoin is trading near $0.004 with a market cap of $217,232,364. According to our Siacoin price prediction, the Bollinger band’s upper limit is $0.006, which is a strong resistance. If the resistance breaks, we can see an upward movement until $0.01. Conversely, the Bollinger band’s lower limit is $0.003. Our Siacoin price prediction says if this support level breaks, Siacoin will drop further to $0.001. Per our Siacoin price prediction, RSI and MACD are indicating that Siacoin is building a strong momentum after retesting its resistance level. A price hike is anticipated in the upcoming months.
By the end of 2022, Siacoin can be trading near $0.006. Following all the developments and utilities, our Siacoin price prediction says it can reach $0.017 by 2025. In 2030, the cryptocurrency market will get pushed forward, and it can bring an ultimate price hike in Siacoin as Siacoin may trade near $0.12.
Siacoin Price Prediction: From Industry Experts
According to Wallet Investor’s Siacoin price prediction, a long-term increase is expected. The price prediction for 2027 is $0.0681. With a 5-year investment, the revenue is expected to be around +640.22%.
Trading Beast’s Siacoin price prediction says that the Siacoin price is forecasted to reach $0.0134080 by the beginning of December 2022. The expected maximum price is $0.0167599; the minimum price is $0.0113968. The Siacoin price prediction for 2022 is $0.0134080.
Is Siacoin A Good Investment? When Should You Enter?
According to our Siacoin price prediction, Siacoin is obviously a good investment in the long term. It can give decent returns on investment for the short term. Looking at the potential of Siacoin, it can make investors rich as this coin may skyrocket in 2024. Our Siacoin price prediction suggests investing in this altcoin at a price of $0.002.
Recently, the cryptocurrency market has been in a bearish phase, resulting in Siacoin’s price plummeting. However, crypto enthusiasts see this as an opportunity to enter the market. In the long term, Siacoin appears to have a very bright future as it has several features that attract investors. Our Siacoin price prediction anticipates that Sia will be the major player in the ecosystem of cloud storage in terms of blockchain and bring a revolution. However, we advise conducting experts’ opinions before investing in the volatility of the crypto market.