Siacoin (SC) spikes to 2-year excessive amid increase in investor confidence

• Siacoin (SC) worth rose to above $0.02, its highest stage since December 2021.
• SC, the native token of decentralized cloud storage platform Sia, was up 55% previously week and 120% up over the previous two weeks.

Siacoin (SC) rose to its highest stage since December 2021, breaking above $0.02 to mark a two-year excessive.

SC, the native token of decentralized cloud storage platform Sia, was amongst prime performers on Friday. With SC/USD altering arms close to the intraday highs, the double-digit positive aspects pushed Siacoin’s market cap to above $1 billion. Per CoinMarketCap, Siacoin ranked 70 amongst largest cryptocurrencies by market cap on the time of writing.

At this time’s positive aspects have pushed the weekly upside for the altcoin to 55%, whereas it’s 120% up over the previous two weeks.

Why is Siacoin worth up right now?

Siacoin’s positive aspects, which put it amongst prime gainers on the day alongside Avalanche DEX platform Pangolin (PNG), comes amid renewed confidence in the way forward for the mission.

A latest replace from the Siacoin Basis injected optimism throughout the Sia group. In accordance with the platform’s February 2024 replace, there’s quite a bit within the pipeline for the Sia community.

Key milestones set to boost community stability and efficiency embody an upcoming hardfork dubbed Utreexo. The implementation for the hardfork as set within the RHP4 goals at enhancing community scalability and effectivity.

As SC worth rose, the quantity of brief liquidations elevated. In accordance with information from Coinglass, the final 24 hours had seen a complete of over $64k in shorts liquidated.

In the meantime, Open Curiosity has elevated 21% to $12.77 million amid the purchase stress.