Siacoin Price Dips After Strong Week

Siacoin continues its overall trend downwards since last month with a 5% dip in the last few hours which sees SC coins valued at $0.0172.

This is down from a recent peak of $0.0184 on June 8th, which remains a high-point for SC since the general market peak of late April where one SC coin was worth $0.0294.

This comes after a strong week for Siacoin where a near 30% growth was recorded between June 6th and June 8th. SC coins spiked by 20% within a couple of hours on Wednesday, and then went on to grow steadily for the next 48 hours.

However, midnight on Friday marked the moment that Sicaoin’s fortunes reversed, and its value has been dropping steadily ever since.

Siacoin is still being bought in large numbers, especially on Upbit, where 36.85% of the trades are taking place, and where SC coins are selling at a near 4% upmarked price compared to other exchanges.

Trades against the South Korean Won (KRW) account for the vast majority of Siacoin’s activity over the past day, making up around $6 million of the $16 million 24 hour trade volume – amounting to over one third of the entire market.

A Good Long Game

If market readings are taken over seven days, then Siacoin has performed poorly. If readings are taken over the last month, then the performance is similarly poor.

Conversely, if market readings are taken from three months ago then Siacoin can be said to have performed admirably. Moving from a price of $0.009 in early March to its current price of $0.017 marks an 88% increase, and means that regardless of recent dips, Siacoin has actually had a strong second quarter to 2018.

January 5th’s ultimate high point of $0.097 still remains some way off, but very few coins can point to net growth throughout the tumult of the past few months, and Siacoin could be an attractive long term option even taking into account its 5% loss today.

Long Term Goals

Siacoin’s roadmap extends all the way to 2020 – a possible concern for a team who have been at work since mid 2015.

If the team can deliver on their ambitions, however, then Siacoin could find itself with some very good chances at real world adoption.

Siacoin aims to create a platform for decentralized data storage across its network of users, with the blockchain being used to track and log storage contracts.

Users can opt to rent out their hard drive space in return for SC coins, while users looking to store data can find decentralized hard drive space for a fraction of the cost of prime competitors, like Amazon and Google Drive.

Siacoin already has a working product to show for itself, with a beta 1.3.3 release of the platform available for download on macOS, Windows and Linux.

The ultimate goal is steal Amazon S3’s current user base, and become, in the Siacoin team’s own words: ‘The storage layer of the internet’.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.