— Binance (@binance) June 14, 2018
Growing Altcoin, Siacoin is next up on the Binance platform, in a listing announcement that has seen Siacoin skyrocket over the past few hours. According to an official Binance statement, Siacoin is now live on Binance against BNB, BTC and ETH trading pairs.
At the time of writing, Siacoin is valued at $0.014, up 19.21%. If this climb continues, we could very well expect to see the value of Siacoin rise back up and match values met during the mid-April market surge, which saw Siacoin move up to a steady price of $0.030. Historically, Siacoin has peaked at $0.09 in the past (during the major cryptocurrency boom) however, given that Binance is sure to increase the trading volume and market cap of Siacoin, in a similar climate, we could finally expect to see Siacoin surpass $0.10.
Before we get too excited, we must remember that the current ‘down’ market will no doubt take hold of Siacoin once more and thus, this current rise of almost 20% won’t continue forever. However, with this in mind, as news of the Binance listing spreads, Siacoin has a great chance to make up a bit of momentum in order to carry out a little bit of damage control. In essence, this listing has come at a perfect time, with the markets moving downwards, Siacoin has achieved a bit of respite and thus has reduced the potential impact the current bear market could have had on the value of the currency.
What exactly is Siacoin?
Siacoin is the native token to Sia, a decentralised cloud storage platform that aims to create a data storage marketplace, stored and secured by the blockchain. Though using blockchain technology, Sia believes their cloud storage solution is far cheaper and faster than traditional cloud storage facilities, their current statistics also prove just that.
As it stands, Sia has a total capacity of 5.5PB (Petabytes) of which 180TB (Terabytes) is currently in use. Just for context, a Petabyte is equal to 1,000,000GB.
You can find out more about Sia and Siacoin for yourself here- https://sia.tech/
Overall, this is great news, and will no doubt see an increased interest in the Sia platform. Hopefully, Sia can make the most of this new listing and thus, Siacoin can relish in a bit of glory for the time being. At the very least, this injects some much-needed optimism back into the markets.