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Introduction

Every day more cryptocurrencies are introduced in the market. There are almost more than 1400 cryptocurrencies available, and it is hard to keep up with the growing projects and cryptocurrencies in the market. Siacoin is one cryptocurrency that was recently launched and has shown its potential in the market.

The Siacrypto is believed to be among the successful cryptocurrencies for future investments. However, most traders do not understand more about this coin and its future predictions.

This Siacoin overview will help you know what it is, its price projection, how to use it, among many other things that you may need to know about the cryptocurrency.

What is Sia Cryptocurrency?

Sia is best known as a cloud storage solution to companies like Dropbox, Google Drive, and Amazon. The network was launched in 2015 and is funded by large corporations like INBlockchain, First Start Ventures, the Raptor Group, and Fenbushi Capital.

The idea behind this network is to provide a decentralized marketplace for file storage. This means that anybody can participate in the platform, rent space, and host files on the network.

Unlike many centralized cloud storage, the Sia platform splits your data and disperses the files to many servers globally. That way, multiple devices can access the data via the internet.

What is Siacoin SC?

Siacoin SC is the token behind the company and was designed to help execute storage space on the platform. Users who use the storage get paid in SiaCoin and those that require space pay the host using the coin after their agreement.

In short, it is a method of payment between the renters and hosters.

The Supply of SiaCoin in the Market

The supply of the SiaCoin crypto is considered unique because there is an infinite number of SC available for mining. In the beginning, Sia developers mined 100 blocks, and the first block was equivalent to 300,000 SC.

After that, the Siacoin crypto gradually decreased and will decrease with one unit for the rest of the blocks mined. This means that;

If the first mined block was 300,000 Sia Coins

The second block got – 299,999 Sia Coins

Third block – 299,998 Sia Coins

Fourth block – 299,997 Sia Coins and so on.

This will continue until the reward of a particular block hits 30,000 SC. From there, the 30,000 coins will get into every block mined system. Currently, there is 26.7 billion SC available.

Sia Coin Price History and Predictions

History of SiaCoin Price

It is important to look at the Siacoin market cap to determine Siacoin price projection and its performance in the market. When Sia was launched in 2015, its trading price was $0.000042, and at the time, it dominated the cryptocurrency business.

Although there were minor variations in SC price, the team was able to maintain the pace, and in 2015 the trading price hit $0.1117. This continued, and at the end of that year, the SC price dropped to $0.0237.

Also, in 2019 it fell to $0.0013, but by the end of 2020, it had hit a threshold of $0.003.

Sia Coin Price Predictions

SiaCoin crypto is gaining attention rapidly, and more people are learning about it. The Siacoin market cap will be ranging at $0.0587 this year, and by the end of the year, it will probably be traded at $0.04 to $0.78.

According to many online platforms, the price of Siacrypto or SC to USD may increase as it is stable and may even reach $1 in the near future. Sia looks forward to competing with other top cloud storage networks, and since it is better with decentralization and encryption, its future looks promising.

SiaCoin Price Movements and Technical Indicators

Through technical analysis and analytical tools, it is possible to study SiaCoin USD live charts and price movements. This also helps to tell about how much Siacoin price will reach in the future. According to some recent Siacoin forecast, the coin is now trading at $0.0198, which is an intraday increase of 7.17%.

The technical chart shows that the Sia coin price has started to rise after rebounding from $0.014. Also, the cup and handle pattern indicates that the cryptocurrency will have a long entry opportunity after it breaks from $0.2 resistance.

Here are some technical indicators that can help predict the price movements of the SiaCoin USD;

• Moving Average Convergence Divergence (MACD)
• Relative Strength Index (RSI)
• Moving Average of Siacoin USD Price
• MA (50,200) Crossover
• On-balance Volume (OBV)
• Chart patterns

How to Buy Siacoin

Sia coin is still gaining popularity in the market, and many don’t know how to buy Siacoin. The coin is showing some promising signs, and for some, it might be an excellent opportunity to invest. Here are all the steps involved in the buying process, including where to buy Siacoin crypto:

Step 1: Register an account

The first step is to find an online platform where you can register an account. There are many of them, and all you have to do is google and pick the one you prefer. After that, ensure you have filled in the required details to move to the next step. Also, verify your account.

Step2: Deposit funds

After getting your preferred wallet, it is time to deposit funds to purchase the coins. The coins can be bought either through Bitcoin or tether, and some of the cryptocurrency exchanges that can be used are; Okex, Binance, Upbit, and Huobi global. What you need to do is to navigate through the deposit section to get your coins.

Step 3: Pick your preferred trading option

After you have deposited your funds, select your trading option to get the SC coins. This will depend on the exchange you are using, as they are usually explored individually. Enter the word SC on the search bar to see what options you have.

For example, you can get SC to USD, among many other options. Depending on the funds you deposited, you can begin your trading.

Step 4: Purchase Sia Cryptocurrency

The final step is to purchase the Siacrypto and get the Sia wallet to store your coins. At this point, it is vital to watch for SC price to determine if it is increasing in value or not. Also, the wallet allows you to convert SC to USD whenever you are ready.

Is Sia Coin Related to Oil in Any Way?

The oil business is booming right now, and many investors have begun linking oil to cryptocurrencies. Cryptocurrencies have shown enormous potential in the market as they are steady and seem to solve the current economic crisis.

As much as that is the case, President Vladimir Putin is not convinced that cryptos will replace the US dollar. He further says that it is too early to start talking about the trade of oil in cryptocurrencies. So far, the Sia cryptocurrency has not been linked in any way to the trade of energy. This is simply because the Sia network is determined to lead in the cloud storage business.

Should You Invest in Sia Coin?

SC is on the rise as per the Siacoin forecast, and many investors see a huge opportunity with this cryptocurrency in the long run. The cause of its rise is uncertain, and many are still unsure of whether to purchase the coin or not.

Apart from that, the Sia coin price has been the same in the last two years, which means that the return rates may not be huge. According to some sources, the Sia Coin is a good investment for those people looking for cheap yet reliable cryptocurrency.

Interactivecrypto has all the answers you are looking for and will help you know the best cryptocurrencies is to invest in.