The price of Siacoin (SC) surged almost 25% after it was listed on one of the more popular cryptocurrency exchanges – Kraken. Trading started today with 4 pairs. Additionally, Siacoin also announced the hiring of a new core developer.
Siacoin Price Surges
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 $0.001622 and it spiked to a daily high of $0.00218 and closed at $0.00197. The trading volume also increased substantially from $4,234,000 to $9,400,000 in a day.
Siacoin managed to appreciate significantly 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 far lower than its all-time high. Siacoin reached its ATH of $0,1117 on January 6th, 2018 during the parabolic bull run. SC has lost over 98% of its value since then.
An Expected Reaction?
The recent price pump is perhaps largely attributable to two recent announcements. The company 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 potentially impactful change inside the project itself, the price movement may have been affected more by other news.
One of the more popular cryptocurrency exchanges, Kraken, announced Siacoin’s listing, stating that trading would start around 13:30 UTC today. Four trading pairs were announced:
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 later, the 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.