Siacoin price prediction: Will it reach $1?

What’s in store for siacoin, the crypto that powers a file storage blockchain?

A physical coin with the Siacoin logo                                 
Will Siacoin reach a new all-time high by the end of this year? – Photo: Shutterstock
                                

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Dropbox and Google Drive have become the household names of online data storage. But can Sia, a blockchain alternative, and its siacoin catch up?

Sia acts as a secure marketplace for cloud storage in which users can lease their unused space. The blockchain uses smart contracts to organise agreements between owners and renters.

It also has a native cryptocurrency, siacoin, which is used for payments.

In a technology-driven society that increasingly uses more data, there could be demand for a decentralised alternative to data storage. But before diving into the prediction, let us first explore the price history.

Siacoin’s price history

Siacoin launched in August 2015 at $0.00004 and for the first two years did not see much price action. The coin saw its first spike in the summer of 2017 as Sia released its update, Capricorn. This update, version 1.3 on the Sia blockchain, made data restoration much easier. If a host goes offline or loses the data, the Sia system selects a new host and can restore files using encrypted chunks of the data. This new update means renters no longer need to keep backup copies of their data.

Sia also revealed that the hardware designed for mining siacoin had brought $4m revenue in advance sales. Obelisk, a subsidiary of Sia’s parent company, Nebulous, was designed specifically for mining siacoins. The blog post said the profits would fund Sia’s growth and development.

Siacoin saw a price increase during that period, climbing from $0.001 on 30 April 2017 to a peak of $0.019 on 22 June. Afterwards, siacoin dropped in value to below $0.01 in July and fell further in September to around the $0.004 mark – although this was still 100 times its launch price.

The utility token stayed around that price until December, when it started a bullish trend. The official Sia app was released for Ledger Nano S, a crypto hardware wallet, early that month. According to a Sia blog post, it became the safest place to store siacoin.

The following month, Sia launched a new brand and website that focussed on the key message that the blockchain was the most affordable and most secure of any alternative. The blog post said: “This new site does a much better job of explaining our mission and goals and getting our users information they’ll need to succeed with our product.”

Siacoin’s price on 1 December 2017 was at $0.006 and climbed to $0.03 by the end of the month. The price continued to be bullish and reached its all-time high of $0.11 on 6 January 2018. Siacoin fell back to $0.03 as the month ended and dropped to $0.02 in February despite the company announcing that it was raising funds.

The utility token saw another peak in April that year when Sia announced the results of its funds raised from tokenised securities offerings. The funds closed at the end of April, with 231 being sold, raising $1.5m. The price of siacoin increased from $0.01 on 1 April 2018 to $0.02 by the end of the month. Afterwards, the price continued falling to the end of the year, and there was then little action for the following two years.

It was only at the beginning of this year that the price started climbing once more. In the first few months of 2021, the Sia blockchain successfully completed a hard fork. Non-Obelisk mining hardware was being used to gain crypto rewards from Sia, reducing the value of the Nebulous subsidiary’s hardware. One reason for the hard fork was to change the algorithm to disable non-Obelisk miners. This was achieved and the siacoin price reached $0.01 on 9 February.

Another reason for the hard fork was to separate Sia from the parent company, which was initially called Nebulous but completed a rebrand in April this year to take on the name Skynet. Sia Foundation is now a non-profit entity that runs independently from Skynet. The foundation is funded through transaction fees.

The parent company has taken a different direction with Skynet, including a second layer protocol for Sia. The protocol is building a peer-to-peer internet alternative that does not need a centralised organisation to keep applications online.

After the rebrand was completed, the price peaked to close at $0.05 on 17 April. It has since crashed and partially recovered on a somewhat bearish trend in mid-to-late-November, with a recorded closing price of just under $0.026 on 29 November. It has since slumped again slightly and peaked at over $0.024 in intraday trading on 2 December.

It’s important to remember, however, that past performance is no guarantee of future results.

Siacoin price prediction

The consensus view is fairly optimistic for the utility token. It is expected to increase gradually over the next five years. CoinQuora’s long term prediction for 2021 is bullish and says the coin has a possibility of beating its current all-time high before the end of the year. Its siacoin price prediction 2022 says the token will see fast growth in the first half of the year, potentially reaching $0.085.

The rise will then slow down, but CoinQuora does not expect any major falls. It expects the token to rise over the next five years and reach $0.85 in 2025.

WalletInvestor claims siacoin is an “awesome long term investment” and predicts it will reach $0.03 by the end of the year. Its SC price prediction for the end of 2022 is between the $0.05 and $0.06 mark. It then forecasts a gradual climb, with a siacoin price prediction 2025 at between $0.09 and $0.11 at the end of the year.

Ripple News expects the siacoin price to rise throughout the rest of 2021 if the blockchain continues to innovate its cloud storage. CryptoNewz’s SC price prediction agrees and says that the likelihood of new updates and developments increase the chance of a bullish trend. If this occurs, the site believes the price will cross the $0.07 mark in the next five years. Its siacoin price prediction 2030 says the token could reach $1.

It might be. Although 2019 and 2020 were fairly uneventful for the token’s price, siacoin has been on a bullish trend this year. In April 2021, it reached a peak of $0.05. It has recently been heading up recently and is just below the $0.024 mark.

Remember, prices can go down as well as up, so you should never invest more money than you can afford to lose.

It could. The consensus from price prediction sites says that the price will not surpass the $0.1 mark in the next five years. CryptoNewz has an optimistic forecast and says it could reach $1 in 2030. Remember, price predictions sites are not always correct, so make sure you do your own research before investing.

According to an Airtable made by Sia, siacoin can be bought on 31 exchanges. These include Binance, Bittrex and Kraken. However, only seven of the exchanges are recommended by Sia.

Further reading

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