Siacoin cryptocurrency (SC) has seen a fall in their price compared to the US $0.016 mark it had on March 8th, however it is holding on to its ground generally. As of March 14th, US EST morning, SC is trading at US $0.0132. Siacoin’s market cap is US $397 million at the time of reporting.
March Price Forecast For Siacoin ($SC)
The below graph tracks the recent trend:Source: https://www.worldcoinindex.com/coin/siacoin
The main reasons of the Siacoin price reduction
The fall in price in the past one week can be attributed to the following generic reasons, none of which are specifically related to SC:
- The regulators in the US and Japanese markets are putting increasing pressure on cryptocurrency exchanges. In the US, the Securities and Exchange commission has stated that the cryptocurrency exchanges could be asked to follow rules set by them, and will be penalized if they fail to adhere. Japan has asked Bitstation and FSHO, two prominent exchanges operating in the country, to stop business activities for a month. The government in Japan has also asked five other exchanges to improve their internal business controls.
- Recent hackings of crypto exchanges have again raised security concerns.
- Some national governments continue to show tough stance vis-à-vis cryptocurrencies, for e.g. India continues to discourage the Indian citizens from trading in cryptocurrencies, and China is following through on their February action of blocking internet access to crypto exchanges by recently blocking social media accounts of crypto exchanges.
- Following in the footsteps of Facebook, now Google has announced a complete ban on all cryptocurrency related ads including ICO promotional ads.
Sia network and domination
On a long-term basis, SC is a promising investment option. There is a definite utility value for SC, and it’s the Sia network which the coin is associated with. Currently, behemoths like Amazon, Microsoft and IBM have cornered the market of cloud storage, which is expected to see exponential growth. Sia network intends to disrupt the dominance of these giants with the decentralization that blockchain offers.
Anyone with excess storage can put their storage up in the Sia cloud network for rent, and becomes a host. Someone who needs cloud storage can rent from Sia network, and is a renter.
The renter pays for storage with Siacoin, and the host gets paid with Siacoin, too. The contract for storage is governed by the smart contracts running on the blockchain. The storage is encrypted, and blockchain ensures permanence, security, immutability, and above all, potential freedom from giants dominating the cloud storage market. Sia network already uses application-specific integrated circuits (ASICs), they have already made improvements to their wallet. The potential for disrupting the cloud storage market is very real.