Siacoin (SC): It’s not common for a coin to have so much good news all at the same time. That’s why investors are very excited about Sia coin at the moment. Two days ago, Siacoin was listed on Bittrex, one of the largest exchanges in the world. This saw its value pump significantly, thanks to the high volumes that are usually characteristic of Bittrex. Then today Siacoin was listed on Upbit, another high volume exchange, and price pumped even more. At the moment, Siacoin is up by over 60%. The question that is on every investors mind is, what next? Can it sustain?
Normally, after such a massive pump, what usually follows is a decline in prices, as investors move to take profits. For high quality coins, this drop is usually a chance to buy some more. However, if the coin in question has no fundamental value, it can drop lower than the prices it was trading at prior to the pump.
In the case of Siacoin (SC), there is reason to believe that it will continue to pump. For starters, it has a huge incentive for adoption by the masses. That’s because one of its uses of Siacoin is to allow for the sharing of hard drive space. There are so many people who have some extra hard drive space, and have nothing to do with it. Siacoin allows such people to share that space with other people on the blockchain and get paid for it. This is a major incentive that will see more people sign up on the Sia network, and as a consequence, push up its value in the long-run. That’s why the current pump is likely to continue even after the exchange listing news subside.
On top of that, the Sia network makes use of advanced encryption technology to protect user private files from being accessed, by those renting space. This feature is likely to draw in users who would, otherwise, shy away from sharing their free space on the Sia network. In essence the growth of users will grow the utility of the Sia network, and so will the value of Siacoin.
Besides, the fact that it’s listing on two major exchanges simultaneously has sent the right message to investors. It’s also an indicator that there is something valuable about it. Serious exchanges such as Bittrex and Upbit cannot risk their reputations by listing a coin that could go down at a moment’s notice. This positive reputation that Siacoin has gained with these listings will continue to push it up going into the long-run.
Clearly the fundamentals of this crypto are right, and the probability of an increased uptrend are quiet high. If the current momentum continues, Siacoin (SC) could hit $0.10 within this quarter. Anyone invested in Siacoin is clearly making good money, and the earnings potential looks better than ever. It could end the year as the best performing crypto. Just watch this space!