So we are at it again this bizarre roller-coaster regarding the cryptocurrency markets just doesn’t seem to get stagnant anytime soon. Just as we’ve noticed in recent weekends there doesn’t seem to be any jaw-dropping fluctuations occurring in the market. Well, this week seems to follow the ongoing trend. It is really encouraging to see that Siacoin in slowly making good progress towards the promise it showed earlier. Its price has seen an incredible rise to nearly $0.03 again and it looks like a real possibility for it to cross its previous best of $0.09.
SIACOIN price takes some baby steps towards reaching its potential
For most Sunday is a day to chill and recharge their batteries, but when it comes to cryptocurrency markets it’s the complete opposite. This is a day which witnesses small or medium losses early in the day. For most currencies, this isn’t such an astonishing fiasco because they witness a drop of just 3-5%, there are a few currencies which have to face a drop of nearly 10% which goes back to normal in a couple of days so it isn’t something to scratch your head over. One can debate over the possibility that a Sunday is jinxed for cryptocurrency markets as every Sunday bears witness to a drop in the price of almost every coin.
There are some few strong contenders who don’t seem to be affected by this visibly negative trend which is really reassuring from an investors point of view. The Siacoin seems to be leading from the front in breaking this trend, as it displayed some medium gains against Bitcoin and a slight increase in UDS value to. At the time of writing, the value ofSiacoin was just shy of touching $0.04despite there being no luck in previous attempts to do so. For now, all we can say is it is overwhelming to see such amazing progress, even though it is in its fairly early stages, so it wouldn’t be commendable to comment much about it, rather just sit back and cherish this progress.
Siacoin seems to be answering every altcoin followers wishes by showing slight progress of a 3.44% gain with its value against Bitcoin also increasing to well above 4.69% which leaves us intrigued because as seen traditionally most of the times when the value of Bitcoin price drops it affects the value of altcoins in a negative manner as well. Siacoin seems to be breaking this traditional chain currently and seems to set a platform for all altcoins by showing a positive rise of well over 4.69% gain. It isn’t by any means a very incredible achievement. But its way better than what most of the top altcoins are offering currently and for it to the eye of everyone.
Siacoin has previously very rarely seen a $65.95 million in 24-hour trading volume. On 6th January 2018, it broke all highs and siacoin had seen almost $612.91million in 24-hour trading volume. Investors do not either prefer siacoin for a quick profit. Most of siacoins volume comes for upbit a South Korean exchange. Bittrex comes on second in trading volume and poloniex comes third.
This trend-defying step which siacoin has taken hopefully is a long lasting situation, it has had a really positive impact on the overall cryptocurrency market, it has created a lot of momentum for all coins moving forward, although it is still very early to analyze this situation. Only time can tell whether siacoin will reach its potential. For now, it is a situation to feast our eyes on for every cryptocurrency investor, especially if all coins can adapt like siacoin and show a rise every week especially with the bitcoin value expected to grow even more once again. For now, Siacoin is well equipped to hit that $1bn market cap once again, but another little push is required to defy all odds