Siacoin (SC) showed some strength in the long term. But compared to the December peak near $0.10 or around 580 Satoshis, the asset seems to be stuck in the range of $0.01. At this point, despite the solid network and product of the Siacoin project, the asset expects to sink further, being pressured in trading against BTC.
The worst news around SC are the almost negligent volumes, somewhat boosted by speculative trading on Bittrex and Upbit. And while the asset has a relatively strong community, trading has been put off for better times. At the moment, altcoins continue for weeks with little change, further unraveling the gains and returning to the levels before November 2017.
The biggest boost for Siacoin may come from a listing on Binance, which has helped make relatively low-priced tokens more active. But Siacoin suffers from the bane of meaningful projects, which however focus more on the tech and less on the hype. With a total supply of more than 33 billion coins, SC is not designed to command a very high price.
At the end of February, SC was proposed as the Community coin of the month, but the voting failed to result in a listing, continuing the gradual price slide. If the depression against BTC continues, the SC asset will soon trade 90% lower compared to the early January peak.
At the moment, the Siacoin team is working on speeding up video loading from distributed storage. Other minor updates are being added all the time, but at the moment are independent of the market price. Still, the Siacoin platform is one of the workable solutions for distributed data storage.
In the case of Siacoin, the price may not grow to much higher levels, especially given that the asset is quickly traded back into BTC. At the moment, owning SC looks like a long-term proposition, and participating in the Siacoin ecosystem may be a better form of investing. The Siacoin network uses distributed storage resources and rewards participants monthly based on the proof of their storage capacity.
This article appeared first on Cryptovest
