The price of Siacoin (SC) surged almost 25% after it was listed on one of the popular cryptocurrency exchanges – Kraken. Trading starts today with 4 pairs. Additionally, Siacoin also announced the hiring of a new core developer.
Siacoin Price Surge
Siacoin’s price marked a notable increase of almost a quarter of its value against the U.S. dollar in the past 24 hours. The lowest price point was at $0.001622 and it spiked to a daily high of $0.00218 and closed at $0.00197. The trading volume increased substantially as well from $4,234,000 to $9,400,000 in a day.
Siacoin managed to increase a lot against Bitcoin as well, gaining a total of 24%.
At the time of this writing, SC’s entire market capitalization is $84,000,000. However, even though a daily increase of 25% is a significant one, the price of one SC is notably lower than its all-time high. During the parabolic bull run at the end of 2017 and the beginning of 2018, Siacoin reached its ATH of $0,1117 on January 6th, 2018. To put this into perspective, SC has lost over 98% of its value since then
The recent price pump is perhaps largely attributed to two recent announcements. The company said that they hired a new core developer, hoping that this is a step towards improving their product with filesharing and a fully-fledged CDN. While this appears to be an impactful change inside the project itself, the price movement may have been more affected by the other news.
One of the more popular cryptocurrency exchanges, Kraken, announced Siacoin’s listing, stating that trading will start around 13:30 UTC today. There will be 4 trading pairs available:
Surges of the kind are usually noticed when a certain coin is listed on a major crypto exchange. Dogecoin experienced a similar pump when it was initially listed on Binance. However, just days after, the price pulled back to the same levels as before and even further in the following weeks.
We have yet to see whether the recent move of Siacoin will be sustainable or it would retrace after the hype dies out.