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 dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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