Cryptos Land: Siacoin to $1?

Thursday, 28 September 2017

Siacoin to $1?

One of the many question asked by crypto currency users is whether Siacoin can hit the $1 mark? Let's analyse some points to reach a conclusion whether such event can occur.

1. Siacoin is an awesome tech with active development
It's known to the community that Siacoin is backed by an active development team working on the technology behind it. Siacoin boasts itself as the decentralized cloud storage on the blockchain offering privacy and cost reduction to its users. Although having such features doesn't make necessarily means that the coin can hit $1 mark.

2. Siacoin had an 500% increase in 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 Siacoin's price but as we know it wasn't able to sustain the price hike and the price slowly diminishes each day pulling it back from where it came from. This suggest that Siacoin was not even able to sustain a substantial growth of 10%-20% meaning the coin wasn't ready for such a massive surge in price.

3. A very large supply
For a coin price to increase, the supply of the particular coin should be low. A large supply is one of the reason for Siacoin's price to remain low. This is because any increase in Siacoin's demand is already met by huge supply of coin resulting in a very low price gap and the demand is easily met.

4. Siacoin $1 will make it more valuable than Ethereum
As of now if Siacoin reached $1, having its current circulating supply it will surpass Ethereum's marketcap. Well, in crypto currency it is possible but seeing Ethereum tanking against Siacoin looks like out of the box. Everybody knows that major Altcoins such as Ethereum, Ripple, IOTA are more valuable in comparison.

5. Already among top Crypto currencies
Siacoin is already among top 50 Crypto currencies and has actively maintain its position. However, seeing Siacoin being the second or third crypto currency 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.

Thus, Siacoin reaching $1 is highly unlikely according to current market conditions but it might surge to $0.1 in a year or two if the development and hype around coin remains positive.

This is just an opinion.
You can get free Siacoins from our giveaways.
siacoin to $1 logo

No comments:

Post a Comment

Get Latest Post Via E-mail