The cryptocurrency markets once again find themselves in an awkward position. Most weekends result in rather boring trading action, and this week is no different. With most markets suffering from a small retrace, it’s all the more remarkable to see the Siacoin price rise to nearly $0.03 again.
Siacoin Price Make Small Positive Moves
As is usually the case on a Sunday, the cryptocurrency markets start off the day with small to medium losses. For most currencies, this means a decline of 3-5%, which is not exactly spectacular by any means. Some currencies even lose over 10%, although that is only a matter of time until things go back to normal. For some reason, most markets tend to dip on Sunday, even though there is never any real reason for doing so.
There are a few exceptions to this seemingly negative trend, which is always good to see. The Siacoin price is a great example, as it noted medium gains against Bitcoin and a small USD increase. At the time of writing, the Siacoin was on the verge of breaking $0.03 again, even though it seems the earlier attempt has been rejected successfully. It is possible there isn’t sufficient momentum to try this rush again, but we will have to wait and see how things play out.
With a small 3.44% gain in USD value, the Siacoin price is doing exactly what most people had hoped for. There is also a 4.74% increase against Bitcoin, which is rather interesting. In most cases, a declining Bitcoin price will result in altcoins losing ground in the BTC ratio as well. For Siacoin, that situation is rather different as of right now, although the 4.74% gain is not exactly spectacular either. Even so, it’s better than what most top altcoins can do right now, thus it makes sense people want to pay attention to it.
With just $65.95m in 24-hour trading volume, Siacoin isn’t exactly the most liquid of markets. That is not entirely new either, as this particular currency has never seen high trading volumes. That doesn’t mean there is no real interest in this project, but it seems it just isn’t too popular among the exchanges tracked on Coinmarketcap. Most investors still want coins to flip for quick profits, and Siacoin is not on that list by any means.
It seems over half of the Siacoin volume comes directly from South Korea’s Upbit exchange. Bittrex is not too far behind in volume, whereas Poloniex is only third because the main exchanges’ alternative pairs generate less volume.With both Bittrex and Upbit claiming the fourth and fifth spot as well, it is rather evident few people actively care about Poloniex right now. This doesn’t seem to hinder the Siacoin price momentum in the slightest, by the look of things.
For now, it remains to be seen what we can expect from the Siacoin price moving forward. More specifically, there is a lot of positive momentum in place, but the overall cryptocurrency market trend seems to be rather bearish, like most Sundays. The market is well worth keeping an eye on, especially if this trend remains intact when the Bitcoin value starts to go up once again. For now, Siacoin is underway to hit that $1bn market cap once again, but another nudge is needed to push it over that hump.