SiaCoin Sees Rapid Gains
Kiana Danial | Mar 25, 2018 11:56PM ET
Majority of cryptocurrencies including Bitcoin, Ethereum, and others in top 30 continued to consolidate throughout the weekend. But there’s been one altcoin which saw rapid gains. Siacoin, ranking 29th in terms of coin market cap, gained 16.60% on Sunday after ranging for 4 consecutive days.
What is SiaCoin?
Sia is tapping on the hot cloud storage industry, aiming to reinvent it. Their technology connects users who need to file storage with hosts worldwide offering underutilized hard drive capacity.
Sia’s blockchain technology secures their data and enables improved economics for users and hosts. In other words, Sia takes cloud storage out of the hands of providers and puts it back into the hands of individuals. Sia’s platform consists of both providers and clients.
The ecosystem will provide flexible storage options and will be largely free-market driven.
How Does it Work?
Unlike other cryptocurrencies that require proof of work or proof of stake, Sia implements proof of storage to protect clients from fraudulent or malicious providers.
Sia’s investors include Raptor, First Star Ventures, Fenbushi Capital, and INBlockchain.
SiaCoin's Price Action
SiaCoin or SC is currently trading at 0.015 again the USD, well below its all-time high level of 0.115 from back in January 2018. Today’s gains have brought the pair closer to a key resistance level. The next resistance level is set at 0.030.
SC/USD remains below the thick, daily Ichimoku cloud , and appears to have formed a reverse head-and-shoulder chart pattern.
As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
*This article was originally published on Invest Diva
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.