Cryptocurrency Siacoin (SC) has seen its price surge over 25% in the last 24 hours, indicating growing interest in decentralized cloud storage solutions. According to cryptocurrency market data provider CoinGecko, Siacoin was trading around $0.0148 at press time, representing a 26.91% price increase over the last day.
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Market Movements
According to Javon Marks, a crypto analyst, the price of Siacoin has seen nearly 50% growth recently, moving closer to the target price of $0.0487 identified by Marks. He suggests that if Siacoin continues on its current trajectory, the token could see tremendous growth of over 400% to reach this target.
As Marks states, “With this target remaining, prices can still more than 5X from here on an over 405% run to reach it and this process could already be in-effect.” In other words, Marks sees potential for Siacoin’s price to quintuple based on technical analysis that puts the token en route to hitting the $0.0487 mark.
In a previous tweet, Marks stated that Siacoin prices had already moved about 50% closer to hitting this target and could see over a 400% price run to reach it.
Additionally, cryptocurrency analyst Proto Ice highlighted increasing demand for decentralized storage in a recent tweet. He outlined key advantages of Siacoin’s blockchain-based approach, including security, cost efficiency and high availability. With data breaches becoming increasingly common among centralized cloud storage providers like Amazon and Google, decentralized alternatives are attracting attention.
Siacoin’s Blockchain Solution
Launched in 2015, Siacoin aims to provide a secure cloud storage alternative by distributing encrypted data across a decentralized network of hosts. This prevents any one entity from accessing stored files without the encryption key. The network also utilizes proof-of-work consensus to prevent tampering and ensure high uptime.
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Show more +At press time, Siacoin had a market capitalization of $837 million and 24-hour trading volume exceeding $397 million. If investor interest in decentralized cloud storage continues to grow, Marks suggests there is still substantial room for Siacoin’s price to run higher in the days and weeks ahead.
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