There is a lot of exciting movement happening outside the top 20 cryptocurrencies. At a time when the market is experiencing a correction, it’s refreshing to see some coins making notable gains.
One coin that is experiencing positive price movement is Siacoin. It’s currently trading at $0.00735 which represents more than a 10% gain over the last few weeks.
The gains have made Siacoin one of the best performing cryptocurrency in the top 50 coins by market cap over this short period.
Reason Behind SIA’s Strong Gain
A quick check on what is influencing these gains indicates that it has everything to do with a recent announcement that has the Siacoin community excited.
After close to a year of debates within the Siacoin community, the coin has decided to hard fork to block Bitmain’s ASIC miners. Now only devices built by the Siacoin team will be able to mine the cryptocurrency.
This announcement was made on October 1, by David Vorick, the Siacoin cofounder. In a blog post on the coin’s official Medium account he writes:
“Sia is forking today to reprimand the current ASIC monopoly for the damage it did to the Sia community, to make whole the supporters of Sia’s community ASIC project, and to send a clear message to all future Sia ASIC manufacturers: we will not tolerate an abusive ASIC monopoly.”
This news has seen Siacoin record significant gains after experiencing over 85 percent decline in value from its peak price of $0.09.
However, after experiencing several setbacks over the past few months, the coin’s price prediction charts make some exciting revelations. They show the cryptocurrency may test several resistance levels in the coming weeks.
The first target will be at $0.0079 level, which is not that far away.
The Siacoin blockchain allows users to rent out their free hard drive storage space to other users and in turn, they get paid in SC coins.
Only time will tell if Siacoin can attain its previous highs. However, if the coin can maintain the momentum, then there is no doubt that the Sia community could be in for a treat.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology