The cryptocurrency market has entered a strong revival. After more than a year of unfavorable price action, cryptos have started a decent rally that has positively swayed investors’ sentiment.
However, bear markets have taken their toll on some of the stronger projects in the space. Once a top 50 cryptocurrency, SiaCoin has somewhat fallen off the charts. That being said, this project retains some strong fundamentals that are still relevant today.
In this article, we will take a closer look at what makes this cryptocurrency tick and how it compares to the competition. To this end, we will analyze its pros and cons and provide reasons why buying SiaCoin in 2023 can still be a good idea. Finally, we provide a plausible SiaCoin price prediction 2023-2025 by exploring some forecasts from reputable internet sources.
SiaCoin Marketing Analysis
SiaCoin has been around for quite some time now, although it has evolved over the years. Released in 2015, this blockchain project has had enough time to settle down and build a strong community behind it.
SC is the native token of the decentralized cloud platform that allows users to sell and rent their unused storage space. It acts as a global storage marketplace, where all transactions are handled by smart contracts.
Since it has been around for nearly a decade, SiaCoin has undergone two bear and bullish cycles. It reached an all-time high of $0.11 in 2018, amidst all the hype for innovative blockchain projects. In the latest bullish cycle, it never managed to repeat this feat but has nevertheless remained a strong investment opportunity.
But let’s take a closer look at what makes SiaCoin such a future-proof coin.
Reasons to Buy SiaCoin
SiaCoin has a few aces up its sleeve when it comes to being compared to the rest of the blockchain space. It provides an innovative approach to cloud storage, where decentralization is key.
Using the platform, everyone can rent their free storage space and get rewarded for it. Moreover, since it uses decentralized protocols, it enforces data privacy. As no single entity is in possession of the information, everyone keeps ownership of their own data.
In addition, this increases the security of the cloud storage platform, as there isn’t a single point of failure in the system. Storage is provided by thousands of users simultaneously, making it inherently impossible to hack.
Another selling point of the platform is its cost-effectiveness. Using Sia for cloud storage only requires a fraction of the cost of popular platforms such as Amazon S3.
It’s also worth noting that SiaCoin is a pioneer in the blockchain cloud storage niche. Consequently, they have achieved the most progress regarding this technology in the industry, which makes the project the de-facto leader.
SC Price Forecast
So, what can we expect from SC in the following years? Is it a favorable opportunity like a BTC to XMR exchange? Industry analysts certainly seem to think so, as they provide a bullish forecast for the SiaCoin cryptocurrency. Just for consideration, the current price of SC is about $0.0045.
For instance, Digitalcoinprice.com has a favorable view in the short term for SC. For 2023, they expect the coin to go as high as $0.01, more than doubling its current value. For 2025, the website gives a $0.0167 target, which is approximately a 350% increase from the current level.
Priceprediction.net has similar views for SiaCoin. They do not expect crazy volatility like with other hyped-up cryptocurrencies but predict slow and steady growth. In that regard, the price prediction for 2023 is $0.008, whereas, for 2025, it’s $0.016 per token.
Is It Worth Betting on SiaCoin in the Coming Years?
So should you invest in SiaCoin in the following years? Well, the project has proven to be quite resilient to bear markets. The team is still present and building, which allows for good activity on-chain.
Moreover, since the volatility is not that high, it’s not a moonshot by any chance. However, with its steady growth and low risk, you can add SC to your portfolio for the long term and expect decent returns.