Siacoin Price Prediction 2024-2030

In 2021, many cryptocurrencies set new all-time high prices. But that was not the case with Siacoin (SC). This cryptocurrency has not been able to break its all-time high price set in 2018. Lately, as the crypto market consolidated, several prominent cryptocurrencies have lost value significantly. Siacoin was dragged into this downtrend.

As a result, crypto investors and traders are hesitant about the best movement for their SC investments. Should they hold them? Or should they sell them at a reasonable price? We invite you to read our following Siacoin price prediction to be more informed about the future of this digital asset.

What Is Siacoin (SC)?

Sia is a blockchain-based distributed and decentralized cloud storage platform. Siacoin (SC) is the native utility token of the said platform. It is designed to power transactions via smart contracts. Siacoin launched in 2015 with the stated goal of competing with the most prominent cloud storage platforms such as Amazon, Microsoft, and Google. However, Sia can offer more competitive rates because of its decentralized nature.

What Can Siacoin (SC) Be Used For?

People looking for storage space can use the Sia platform to store their files, similar to Google Drive or Dropbox. The selling point of the Sia platform is that network users rent space on a peer-to-peer (P2P) basis, thereby lowering the rates they pay. Users retain the private keys to access and control their data files. Payments on the Sia platform are made with the SC token.

Technical Aspects of Siacoin

The Sia platform consists of users looking to store files and storage space suppliers. The suppliers determine the prices on the network. However, since the platform is competitive, buyers will likely find excellent prices.

When users decide to store data on the Sia platform, their files are encrypted and split up into small data blocks. These data blocks are stored redundantly across the network to ensure privacy and security. In this way, not a single storage space provider keeps a significant part of each file. Also, if someone storing data exits the network, files will not be lost because of redundancy.

Users storing data on the network pay a monthly rate for the service. Additionally, they pay a fee when they re-download their files. In addition to providing storage space, one can earn Siacoin tokens by mining. Siacoin utilizes a proof-of-work (PoW) consensus mechanism to secure the network.

Siacoin (SC) Price History

Siacoin officially launched in June 2015. This token did not perform well in the second half of 2015 after its launch. CoinMarketCap indicates an initial exchange price of $0.000043 on August 26. Although the SC price reached $0.00007795 on September 7, it remained below its initial value for most of the year. The token set its all-time low price on December 1, 2015, at $ 0.00001131.

In 2016, Siacoin gained value significantly. It traded at $0.00011 on February 13. The SC price increased rapidly in May, leading to a maximum of $0.001125 on June 24. Then, this token lost value gradually, closing 2016 at $0.00023. In May 2017, the SC price almost crossed the $0.020 line. However, it remained below the $0.020 line for nearly the entire year. On December 19, the SC finally crossed the $0.020 line by trading at $0.02398. The huge bull run of 2017-2018 had begun. Siacoin ended 2017 with a price of $0.03077.

The SC price set its all-time high price on January 6, 2018, at $0.1117. However, this price hike was short-lived. On March 16, this token traded at $0.009733. Although the SC price reached $0.02961 on April 27, the downward trend continued throughout 2018.  Siacoin ended 2018 at $0.002706. This token did not recover the following year. The SC price remained below the $0.0040 line throughout all of 2019. Siacoin behaved similarly in 2020, except for a few days when its price was slightly above the $0.0040 mark. It reached $0.004987 on August 28, its highest price of 2020.

Things changed dramatically for Siacoin in 2021. The token began the year at $0.003387. In the first days of January, the SC price started to increase. An upward trend ensued, ending with a price of $0.05365 on April 16. But the price of this token did not climb further, failing to break the all-time high price set in 2018. The SC price dropped gradually, ending 2021 at $0.01556.

In the first month of 2022, Siacoin depreciated further. On January 21, it traded at $0.009351. The SC price dropped further during the crypto winter of 2022. As of January 18, 2022, SC traded at around $0.003. CoinMarketCap ranks Siacoin as the #157 most valuable cryptocurrency by market capitalization.

What Does Affect the Growth of Siacoin?

Different factors impact the growth of a cryptocurrency. However, in the case of Siacoin, mass adoption plays a vital role. The number of people connected to the Internet is ever-growing. They all are aware of the risk of losing data due to hard disk failures. So, cloud data storage services could be in high demand soon. With its competitive rates, the Sia platform will have an advantage over other providers.

However, many people are unsure about storing their data on the cloud. Most users have doubts about the ability of such platforms to store their files permanently. Such doubts are not unfounded. If a data storage service provider goes out of business, users’ data files can be lost. Likewise, in the Sia platform, a person providing storage space may leave the network at any time.

The Sia platform takes this issue seriously. The developers claim that the network’s redundancy provides sufficient protection against data loss. Reportedly, the redundancy is between 10x and 30x. Moreover, the Sia network punishes users that offer storage space and leave the network later. This punishment takes the form of a loss of SC tokens.

Whether these measures will attract more users to the Sia platform is unknown. The success of this project depends on the number of users adopting its services.

Siacoin Price Prediction 2024

PricePrediction expects Siacoin to trade at an average price of $0.0009 throughout 2024. Accordingly, this token could reach a maximum of $0.001 this year. Experts with DigitalCoinPrice are slightly more optimistic, predicting a maximum SC price of $0.006 in 2024.  On the other side of the spectrum, CryptoNewsZ predicts a maximum SC price of $0.016 in 2024. However, this prediction is over-optimistic and will likely not materialize this year.

Siacoin Price Prediction 2025

PricePrediction forecasts steady growth of the SC price in the coming years. Accordingly, the average SC prices in 2025 will be $0.009, and a maximum price of $0.01 is possible. For its part, DigitalCoinPrice forecast a maximum SC price of $0.01 in 2025. CryptoNewsZ is again over-optimistic, with a maximum SC price in 2025 of $0.022.

Siacoin Price Prediction 2030

PricePrediction expects Siacoin to reach a maximum price of $0.06 in 2030. Accordingly, the average SC price throughout that year will be $0.05. DigitalCoinPrice is less optimistic and forecasts a maximum SC price of $0.03 in 2030.

Conclusion: Should You Invest in Siacoin?

Despite the price drop that Siacoin has experienced lately, this token can gain value in the long run. If the Sia platform acquires a higher market share, the SC price will undoubtedly increase. Siacoin could be a good long-term investment. However, the final decision is ultimately yours. If you choose to purchase SC tokens, you can do it on LetsExchange.io. Our platform allows you to swap more than 4,000 cryptocurrencies for Siacoin without registration.

FAQ

What Are the Advantages of Siacoin?

Siacoin is used to pay for data storage space on a P2P basis. As such, you can expect to pay lower rates for the service compared to traditional cloud data storage platforms.

How High Can Siacoin Go?

It is difficult to predict the maximum value this token can have in the future. Some optimistic price predictions indicate the SC price could go above $0.1 in 2032.

Can SC Be Mined?

Siacoin uses a proof-of-work (PoW) consensus mechanism. Therefore, you can mine SC tokens. To do it profitably, you should preferably use an ASIC miner.

Is It Safe to Invest in Siacoin Now?

Investing in cryptocurrencies is inherently risky. Even coins widely regarded as “safe” like Bitcoin and Ethereum suffer from high volatility. So, before investing in this digital asset, you must assess all the pros and cons carefully. Price predictions can assist your decision-making, but you should not rely on them entirely. The crypto market can crash at any moment for many different reasons that price predictions cannot account for.

Disclaimer

Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.