The current price of the Siacoin fluctuates around $0.001331; the total market capitalization is $55,676,784 or 7,554 BTC, which makes SC one of the 75 most popular digital currencies as of January 2020. The circulating supply is 41,817,047,634 SC, while there is no data on the maximum amount of SC. The daily trading volume is around $1,353,758 or 183.68264094 BTC. The most active exchange that trades Siacoin is Bittrex.
The all-time high of Siacoin, $0.111708, was reached on January 6, 2018 – during the most famous cryptocurrency bull-run of Winter 2017-2018. On the other hand, the all-time low of Siacoin, $0.000011, occurred way back on December 1, 2015. Currently, the estimated ROI (return on investment) of SC is 2,835.26%, which means that $100 worth of SC bought at the time of the Siacoin launch would yield around $2,835 of profit today.
Back in 2015, when Siacoin first entered the cryptocurrency market, the price of a single SC was $0.000011. This was also the all-time low registered for the coin, as it never went below the starting value. For several years, the coin was not very well-known, which is why there were no significant price fluctuations.
The first more or less significant movement on the price chart of Siacoin occurred in June 2017, when the launch of new miners was announced by the Obelisk company. The price soared to $0.018817, which was a very significant increase in comparison with the initial price. Since then, the coin first started to reduce in price slowly but soon got caught in the bull trend of December-January 2017-2018. Around that time, the company announced a new roadmap for the following year. That was also when the historical high of Siacoin was reached.
After the winter triumph of the cryptocurrency world, the correction phase took place, which led to general stagnation on the market. Siacoin was not the one to avoid the general market trend. Furthermore, the price of SC never managed to recover its winter high, and since April 2018, Siacoin has not experienced any significant uptrends. 2018 was also when Siacoin went through a hard fork, which limited mining opportunities.
As Siacoin (SC) is so closely connected to the functionality of the platform, the rate of adoption of the system plays a crucial role in the price and exchange rate of the coin. Furthermore, 4% of the platform fees go directly to the development of the system. This is a way to both maintain the functionality of the platform and improve on the existing technology.
Several big Siacoin updates are coming soon, such as the 300% increase in the speed of file transfer, as well as switching to warm storage. In view of the abovementioned, the price of popularity and thus the price of Siacoin is expected to grow in 2020. According to WalletInvestor, a single SC may reach the level of $0.050030 next year.
What is Siacoin (SC)
Sia is a decentralized blockchain-based cloud storage marketplace. While conceptually similar to platforms like Dropbox and Google Drive, Sia offers more private, secure, robust, and affordable services. The blockchain technology is implemented to enable encrypted storage and provide evidence of content preservation. Conceived back in 2013 at HackMIT student hackathon, Sia was launched in 2015 by David Vorick and currently has the support of a Boston-based company Nebulous Inc.
Sia software is entirely open-source. The concept behind Sia is the creation of a smart contract for file storage. The technology connects users in need of file storage with hosts worldwide who offer underused hard drive capacity. The files are encrypted and distributed across a decentralized network. No third party may get access to one’s files since the encryption keys are controlled by the user only. Siacoin (SC) is a unique cryptocurrency of the platform used primarily to buy storage capacity from hosts, while the hosts deposit SC as a collateral payment with each contract.
Siacoin (SC) Wallet
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