Siacoin (SC) rose to a 2-year high as investor confidence increased.
Siacoin (SC) price rose above $0.02, the highest level since December 2021.
SC, the decentralized cloud storage platform Sia's native token has been launched. It is up 55% in the last week and 120% in the last two weeks.
Siacoin (SC) rose to its highest level since December 2021, breaking above $0.02, a two-year high.
SC, the decentralized cloud storage platform native to Sia, was among the top performers on Friday. With SC/USD turning hands into highs, double-digit gains pushed Siacoin's market cap to over $1 billion. According to CoinMarketCap, Siacoin ranks 70th among the largest cryptocurrencies by market cap as of this writing.
Today's gains lifted the altcoin's weekly gain to 55%, while it has risen 120% over the past two weeks.
Why has Siacoin increased in value today?
Siacoin's gains, which placed it among the day's top earners alongside Avalanche DEX platform Pangolin (PNG), come amid uncertainty over the project's future.
A recent update from the Siacoin Foundation has given some optimism in the Sia community. According to the platform's February 2024 update, there's more in the pipeline for the Sia Network.
The upcoming hardfork is named Utreexo, with key milestones set to improve network stability and performance. As set out in RHP4, the implementation of a hard fork aims to increase network scalability and efficiency.
As the value of SC increased, the amount of short-term liquidity increased. according to Data from CoinglassThe past 24 hours totaled over $64k in shorts.
Meanwhile, open interest rose 21 percent to $12.77 million on buying pressure.
