Siacoin (SC) spikes to 2-year high amid boost in investor confidence

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

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

SC, the native token of decentralized cloud storage platform Sia, was among top performers on Friday. With SC/USD changing hands near the intraday highs, the double-digit gains pushed Siacoin’s market cap to above $1 billion. Per CoinMarketCap, Siacoin ranked 70 among largest cryptocurrencies by market cap at the time of writing.

Today’s gains have pushed the weekly upside for the altcoin to 55%, while it’s 120% up over the past two weeks.

Why is Siacoin price up today?

Siacoin’s gains, which put it among top gainers on the day alongside Avalanche DEX platform Pangolin (PNG), comes amid renewed confidence in the future of the project.

A recent update from the Siacoin Foundation 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 enhance network stability and performance include an upcoming hardfork dubbed Utreexo. The implementation for the hardfork as set in the RHP4 aims at enhancing network scalability and efficiency.

As SC price rose, the amount of short liquidations increased. According to data from Coinglass, the last 24 hours had seen a total of over $64k in shorts liquidated.

Meanwhile, Open Interest has increased 21% to $12.77 million amid the buy pressure.