Price of Siacoin (SC) surged almost 25%

Price of Siacoin (SC) surged almost 25%

The price of Siacoin (SC) surged almost 25% after it was following listing on one of the more popular cryptocurrency exchanges Kraken. Trading started today with 4 pairs. Additionally, Siacoin SC also announced the hiring of a new core developer.

Price of Siacoin (SC) surged almost 25%

Siacoin SC Price Surges

Siacoin’s price jump a notable increase of almost a quarter of its value against the U.S. dollar in the past 24 hours. The lowest Siacoin price point was $0.001622 and it spiked to a daily high of $0.00218 and closed at $0.00197. The Siacoin trading volume also increased substantially from $4,234,000 to $9,400,000 in a day.

Siacoin SC managed to appreciate significantly against Bitcoin as well, gaining a total of 24%.

At the time of writing this post, SC’s entire market capitalization is $84,000,000. However, even though a daily price increase of 25% is a significant one, the price of one SC is far lower than its all-time high. Siacoin reached its ATH of $0,1117 on January 6th, 2018 during the parabolic bull run. Siacoin has lost over 98% of its value since then.

An Expected Reaction?

The recent SC price pump is perhaps largely attributable to two recent announcements. The company team said that it had hired a new core developer, aiming to improve its product with filesharing and a fully-fledged CDN. While this is a surged potentially impactful change inside the Siacoin itself, the price movement may have been affected more by other news.

One of the most popular cryptocurrency exchange, Kraken, announced Siacoin’s listing on Kraken, stating that trading would start around 13:30 UTC today. Four trading pairs were announced:

Surges of the Price are usually noticed when a certain Cryptocurrency is listed on a major crypto exchange. Dogecoin experienced a similar pump when it was initially listed on Binance. However, just days later, the Dogecoin price pulled back to the same levels as before and even fell further in the following weeks.

We have yet to see whether Siacoin’s recent move will prove to be sustainable or if it will retrace after the hype dies down.

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