- Siacoin (SC) price rose above $0.02, its highest since December 2021.
- SC, the native token of decentralized cloud storage platform Sia, rose. It’s up 55% in the last week and 120% in the past two weeks.
Siacoin (SC) rose to its highest level since December 2021, surpassing $0.02 and hitting a two-year high.
SC, the native token of decentralized cloud storage platform Sia, was the best performer on Friday. The double-digit rise pushed Siacoin’s market cap above $1 billion as SC/USD changed hands near intraday highs. According to CoinMarketCap, Siacoin ranks 70th among the largest cryptocurrencies by market capitalization at the time of this writing.
Today’s gains increase the altcoin’s weekly upside potential to 55%, after rising 120% over the past two weeks.
Why did Siacoin price rise today?
Siacoin’s rise, which was the top gainer of the day alongside Avalanche DEX platform Pangolin (PNG), comes amid renewed confidence in the project’s future.
A recent update from the Siacoin Foundation has injected optimism within the Sia community. According to the platform’s February 2024 update, there’s a lot in the pipeline for the Sia network.
Key milestones set to improve network stability and performance include an upcoming hard fork called Utreexo. The hard fork implementation set in RHP4 aims to improve network scalability and efficiency.
As the SC price rose, the amount of short selling liquidation increased. According to Data from CoinglassA total of more than $64,000 of shorts were liquidated in the last 24 hours.
Meanwhile, open interest rose 21% to $12.77 million due to buying pressure.