Siacoin (SC) has weakened from $0.0052 to $0.038 since August 11, 2022, and the current price stands at $0.0039.
Siacoin is not the only cryptocurrency project seeking to disrupt the storage market, and it faces competition from other decentralized cloud storage systems like Filecoin, Storj, and MaidSafe.
A decentralized platform for cloud storage
Despite this, Siacoin is still among the most popular service networks of its kind, and it resolves some of the most common problems in the sector of cloud storage, including hacking risks, high costs for renting storage, data control, and data mismanagement.
SC is the native cryptocurrency of the Siacoin network, and those looking to store files must buy and spend SC tokens in order to store files.
Technical analysis
Siacoin (SC) currently trades around the $0.0039 level, but it would be a strong sell signal if the price falls below $0.0030 support.
Summary
Siacoin (SC) is a decentralized platform for cloud storage that allows anyone to rent out spare hard drive space or utilize other people’s spare hard drive space to store files.
The cryptocurrency market tumbled this Friday after Federal Reserve Chair Jerome Powell’s hawkish speech at the Jackson Hole conference in Wyoming, and for now, everything indicates that we could see new lows for Siacoin (SC).
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