The Possibilities of Siacoin Reaching to a Dollar
Siacoin to a dollar is one of the many questions asked by cryptocurrency traders and Siacoin enthusiastic. It is a tough question and cannot be in just a yes or no. But rather let’s analyze some points to reach a conclusion whether such an event can occur in the near future. But before we move forward let us talk about What Siacoin actually is?
Siacoin is an alternative cryptocurrency to Bitcoin. It is a decentralize Blockchain running on the cloud storage platform. The coin is there since 2013 and has trading pairs on several popular Cryptocurrency exchanges. As per the current market trends, cloud data is largely centralized. This means most of your data rests with the third party.
Though this might not be trouble for many but it means added cost, to the company. Besides, if the counterparty fails to actively secure your data then good luck facing the lawsuits. The main aim of Siacoin is to become a backbone of storage for the cloud. Siacoin takes assistance from individuals around the world to commit their unused bits to the network. In turn, making the largest cloud storage over the internet. But can Siacoin make it to a dollar? Let’s find out!
Siacoin is an awesome tech with active development
Siacoin consists of an active development team working on the technology behind it. It boasts itself as the decentralized cloud storage on the Blockchain offering privacy and cost reduction to its users. The CEO of the coin has a BS Computer Science degree and is backed by several other team members. The coin has a working product which carters to several of its consumer. You can also use Siapulse to get instant information about different host location. But having a product and active development team, of course, doesn’t mean a dollar for Siacoin.
Siacoin had a 500% increase in the first quarter of 2017
We saw Siacoin price piercing 500 Satoshis and going to 800 Satoshis mark from 70 Satoshis. This was a massive surge in its price but sadly Sia wasn’t able to sustain the price hike. And eventually, the price slowly diminishes each day pulling it back from where it came from.
Maybe if Siacoin has strongly held to that price levels there would be more chances for it Hodlers to bet on a dollar. Though the coin has made its way to popular Cryptocurrency exchanges such as Binance and boasts a daily volume of more than 50 BTCs. This doesn’t obviously means a pull towards $1 for Siacoin.
In fact, the coin is currently traded at around 70 Satoshis while writing this post.
Siacoin has a very large supply
For a coin price to increase, the supply of the particular coin should be low. This is a popular concept in Cryptocurrency. And also coincides with the law of demand and supply. Perhaps, this one of the main reason for Siacoin’s price to remain low. It is likely that whenever the demand for Siacoin increase it shall be easily fulfilled with a large quantity of its supply.
Siacoin at $1 will make it more valuable than Ethereum
Well, you read that right. As of now if Siacoin reaches $1 in terms of value, the coin will easily surpass Ethereum’s market cap. When talking about this Bitcoin rival, it doesn’t seem quite possible for Sia to outperform Ethereum. It looks like out of the box! Most of us already know that major Altcoins such as Ethereum, NEO, IOTA are more valuable in comparison.
Already among top Cryptocurrencies
Siacoin is already among the top 50 Cryptocurrencies and has actively maintained its position. However, seeing it in the second or third cryptocurrency is highly unlikely, unless some miracle happens. Being among the top Altcoins makes it less likely to surge in price to the extent of $1. As the coin increases in marketcap, it becomes more and more difficult for it to climb up the ladder with the help of inflating the price.
Siacoin reaching to a dollar is highly unlikely according to current market conditions. But who knows it might surge to $0.05 in a year or two if the development and hype around coin remain positive. In addition, the coin doesn’t have any competitor that matches the level of Sia. You might have heard of Filecoin, Storj and etc but they don’t even have their own Mainnet. What should I say more?
Note: This is just an opinion and not trading advice.