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Siacoin (SC): A Coin That Survived the Latest Price Meltdown
If you are following up with the latest news from the world of cryptocurrencies, then you have undoubtedly read a lot about the most recent massive meltdown that occurred during only a couple of days ago. All coins, large or small, have gone through this maleficent change in price that made many investors and coin holders wondering whether they have made a good choice when deciding to invest in cryptocurrencies. However, a small portion of coins stayed immune on that famous day.
Siacoin and the Team of Untouchables
Siacoin, along with two different coins, were the only coins on the market that didn’t go through an adverse change.
Before getting further into details, we would like to say something about Siacoin for all of those yet unfamiliar with this fast-growing small coin. Siacoin was designed and launched with a purpose of creating decentralized cloud storage, similar to Ethereum and Storj that also operate with cloud storage as Siacoin does.
Sia platform with its coin Siacoin (SC) is working on separating your files that are stored on their cloud storage and encrypting those files so that only you can access those files. The files being stored are spread across the decentralized platform and are not stored on your account but are separated in smaller pieces that are then distributed across the decentralized network.
You get the keys to your files in the form of a password, so only you can view, access and modify your files. That way Siacoin is one of the platforms working based on blockchain technology that is promoting far less expansive and far more functional method of storing data across the decentralized platform for a lot less money than the original cloud storage platforms controlled by third parties.
The other two cryptocurrencies that managed to avoid the big meltdown besides Siacoin are Tether and SmartCash. Tether is one of the most criticized digital coins on the market because its value is strictly tied to the dollar and its tokens backed up by the shares their company has. With a bit over a dollar per one unit, this token was despite all the downfalls it has within its program of operation immune to the latest massive meltdown.
SmartCash, the alternative project of Zcoin, also remained immune to the massive decrease in the price of all coins, rising for 30% in the past 24 hours.
Where is Sia at Right Now?
First to try and answer the question: how come Siacoin didn’t go down? Well, there probably isn’t a good solid answer to that question, so we are left with guessing. One of the things that might have kept Siacoin safe is the stability of this value that lies in the fact that Sia represents a functional decentralized platform with the possibility of owning/renting cloud storage.
The storage is being rented at the price that you are willing to pay for the amount of cloud storage you are planning to use, unlike many other centralized and decentralized platforms that offer a certain amount of cloud storage space with the price that is pre-determined, leaving you with not many options. Maybe this humble coin has managed to keep its stability due to its functionality and maybe it was only a matter of luck.
We have already mentioned and you must have heard it already elsewhere, that investing in digital coins is a lot like testing your luck when gambling – you can never predict with 100% certainty that one coin will fall or go up. The recent meltdown was only a reminder of the fact that you can never know where you are at with digital coin market. So, it might be the case that Sia holders and investors were nothing but lucky for having the great meltdown pass by them leaving these three coins unaffected by the massive change in prices.
Siacoin, in oppose to many other coins, has had an increase of 34.23% which led to the price of 0.05$ per one Sia token. Although Siacoin is still small when it comes to its price translated into dollars, it has a flattering market cap of 1.7 billion dollars, with over 31.3 billion tokens in use and circulation. The current place Siacoin is holding on the global coin ranking list in 23rd place, which tells a lot about this coin – you don’t get a spot so fine for anything.
In case Siacoin was to continue with amazingly low prices for renting cloud storage and having a functional decentralized ecosystem that supports the coin and its use in different purposes, this coin might soon get a far higher price per one coin. All in all, regardless of the great meltdown, it seems that Siacoin is doing just fine.
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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 coinmarketcap.com