Bitcoin
The Search For The Next Bitcoin (BTC) Is On And Siacoin (SC) Looks Like A Promising Alternative
Bitcoin has no doubt become the most popular cryptocurrency in the world for numerous reasons such as the fact that it was the first cryptocurrency, and it introduced blockchain technology. However, the most popular reason for traders is the fact that it was less than a dollar when it first came out but a few years later, it has grown so much that it is now worth more than $10,000 dollars. So much so that people have started looking for the next such currency that can deliver such gains in the future.
Bitcoin is currently the most valuable crypto coin in the market and its price tag has an all-time high of almost $19,000 although its price looks like it will end the year on the bearish trend that it is currently on. Other than trading, blockchain has been the biggest win for the industry because all other cryptos are based on this technology.
Investors are currently looking for the next cryptocurrency that has the potential of delivering gains that are as high as those that have so far been offered by Bitcoin and this leads us to Siacoin (SC). This is an altcoin that was created out of the need for a better cryptocurrency that would overcome the problems of Bitcoin. It was created by Luke Champine and David Vorick whose aim was to lead the second wave of cryptos.
Unfortunately, the mission was not exactly a success and that is evident by the fact that it did not manage to attract as much hype as they had hoped. They also encountered some problem but while Siacoin is not a perfect crypto, it is worth noting that they did manage to build something quite unique with some noteworthy improvements from the original.
After observing bitcoin, the two developers embarked on placing their focus on file storage as one of the solutions for decentralization in the cryptocurrency industry. Sia was created based on the idea that the internet is constantly growing and it continues to grow but the fact that this translates to more files to be hosted means growth will be limited by storage. Cloud storage is a good solution but one that does not fully solve the problem of storage.
Vorick and Champine came up with an innovative method through which data can be stored on devices such as PCs, tablets, and smartphones that we already own. This means Sia’s blockchain technology might in the future turn your device into a cloud storage solution. The idea is that one person who has storage needs can purchase storage space from another person with ample storage space and is looking to lease the said space.
The Siacoin currency is expected to support this kind of technology and this means that it will have a special use. The fact that it aims to solve an existing problem also means that the cryptocurrency might end up gaining a lot of value in the future.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Sia.tech
Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.
Economic Concerns
Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.
The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.
Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…
Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.
Fundamentals
Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.
Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.
Despite Monday’s bullish rally, interest rate decisions due later in the week may introduce downward pressure on cryptocurrencies. The US Federal Open Market Committee (FOMC) is slated to commence its…
Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.
Inflation Concerns
Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.
The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.
Retail sales data also published on Thursday…
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