Siacoin Price Prediction – Can it Reach $1?
Siacoin Price Prediction is one of the many things queried by cryptocurrency traders and Siacoin enthusiastic. It is a question requiring detailed analysis and cannot be a yes or no. No doubt, Siacoin is an awesome tech and have a working product but what are its chances for reaching $1 or even $0.5 in 2020?
Table of Contents
- 1 What is Siacoin?
- 2 Siacoin is an awesome tech with active development
- 3 Siacoin had a 500% increase in the first quarter of 2017
- 4 Siacoin has a very large supply
- 5 Siacoin at $1 of $0.50 will make it more valuable than Ethereum
- 6 Already among top Cryptocurrencies
- 7 Siacoin Price Prediction By Third-Party Websites
- 8 Wrapping Up Siacoin Price Prediction
What is Siacoin?
Siacoin is an alternative cryptocurrency to Bitcoin. It is a decentralized Blockchain running on the cloud storage platform. The coin is active 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, it means added cost, to the company. Besides, if the counterparty fails to secure your data then good luck filing 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. Long story short, what is Siacoin price prediction for 2019 and can it even make it to a dollar?
To answer the above question let’s go through some factors which Siacoin already posses and might contribute to a major price movement for Siacoin!
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 or fifty cents for Siacoin.
Siacoin had a 500% increase in the first quarter of 2017
We saw Siacoin price piercing 500 Satoshis and hitting the 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. Eventually, the price slowly diminishes, pulling it back from where it came from.
Maybe if Siacoin had strongly held to that price level, there would be more chances for the Hodlers to bet on a dollar or decent price target. Even 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 mean a pull towards $1 for Siacoin. In fact, the coin is currently traded at around 27 Satoshis while writing this post.
Siacoin has a very large supply
For the price to rise, the supply 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 reasons 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 of $0.50 will make it more valuable than Ethereum
If Siacoin reaches $1 in terms of value, the coin will easily surpass Ethereum’s market cap which doesn’t seem quite possible and is something out of the box! In comparison, we know that major Altcoins such as Ethereum, NEO, IOTA are more valuable with a stronger community and active development.
Already among top Cryptocurrencies
When talking about the Siacoin price prediction we can’t ignore its current market capitalization. The coin is already among the top 100 Cryptocurrencies and has actively maintained its position. However, Siacoin climbing up the ladder to outperform major Altcoins is highly unlikely. Being among the top Altcoins makes it less likely to surge in price to the extent of $0.50 or more.
Above are some of the reasons which might contribute to major price movement for Siacoin. However, if you are looking for more definite answers than the below Siacoin price prediction might be helpful.
Siacoin Price Prediction By Third-Party Websites
Prediction by Trading Beasts
A Cryptocurrency forecast website namely, trading beasts predicts that by the end of 2020, Siacoin might attain a price of $0.02.
Another price target for Siacoin comes from Cryptoground, where the website says that at the end of 2020, SC might reach $0.015 and can further climb towards $0.02.
CoinFan is my favorite prediction website since it offers price forecasts for almost every cryptocurrency. Using their own “custom forecast algorithm”, the members of the blog predict that SC might hit the price tag of $0.05 by 2019 whereas it can go as high as $0.2 by 2020.
Wrapping Up Siacoin Price Prediction
As a regular Cryptocurrency trader, Siacoin’s price making some major moves in 2019 seems highly unlikely. The Crypto market is in a dry state returning low or fewer gains. Siacoin has also dropped hard in terms of price and was not able to sustain its price above 50 Satoshis during the Crypto crash.
The coin has also experience lesser trading volume and calling for a price target for Siacoin might not be something I would do. Hence, it is advisable to not to trade Siacoin in 2019 unless you are going for a swing trade or short-term gains.
Note: This is just an opinion and not trading advice.