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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Siacoin Balloons To 65% in Value On Network Upgrades – Details

Christian Encila
Christian Encila
1 year ago
3 mins read
Siacoin

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Siacoin (SC), the native token of the decentralized cloud storage platform Sia, has been on a tear in recent months, defying expectations and leaving investors wondering if the rocket ride can continue. After reaching a low of $0.0025 in mid-September 2023, the price skyrocketed a staggering 360% to peak at $0.0130 by January 24, 2024. While a 30% correction followed, wiping out those gains, the story didn’t end there. Siacoin defied bearish predictions, embarking on a new upward trajectory culminating in a new high of $0.0175 on February 21st, marking over 100% increase from its January low.

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SC price up in the daily and weekly timeframes. Source: Coingecko

Unpacking The Surge: Technical Advancements, Community Optimism

So, what’s fueling Siacoin’s unexpected rise? Several factors contribute to the narrative. Firstly, the February 2024 update unveiled significant advancements in the Sia network, focusing on stability, performance, and user experience. These include the implementation of RHP4 for the upcoming Utreexo hardfork, aiming to boost efficiency and scalability.

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Additionally, new features like metadata addition and improved upload processes enhance data management and user interaction. The Siacoin community, excited about these technical developments, saw them as a sign of progress and fueled further investment.

SCUSD trading at $0.0147 on the daily chart: TradingView.com

However, it’s important to acknowledge the broader market context. Siacoin’s price rise coincided with a bullish trend in the cryptocurrency market, with many digital assets experiencing significant gains. This suggests that investor sentiment played a significant role in the token’s upward trajectory.

Meanwhile, there has been a significant rise in short liquidations as a result of the SC token boom. The volume of shorts liquidations increased to above $40k on Wednesday, the highest amount in a month, according to data provided by CoinGlass.

 Source: Coinglass

Charting The Course: Bullish Breakout Or Bearish Divergence?

Technical analysis paints a somewhat complex picture. While the price broke out of a long-lasting consolidation zone, potentially signaling the start of a larger bull cycle, a bearish divergence emerges when comparing the current rise with the daily Relative Strength Index (RSI). This discrepancy indicates that the price action might not have enough momentum to sustain itself in the short term.

SC price action in the last seven days. Source: Coingecko

On the other hand, some analysts see this potential correction as a healthy retracement after the rapid ascent, retesting broken support levels before continuing its upward journey. This perspective aligns with the larger uptrend that began in October 2023, suggesting that a first bull market correction is underway, paving the way for further growth later in 2024.

Beyond The Numbers: Adoption And Future Catalysts

Looking beyond technical analysis, Siacoin’s future hinges on its real-world adoption and development roadmap. The platform boasts a growing user base and partnerships, indicating increased demand for its decentralized storage solutions. Upcoming events like the Utreexo hardfork and potential regulatory developments could also act as significant catalysts, influencing the price in either direction.

Featured image from Tolga Aslantürk/Pexels, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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