On June 14, Binance, the world’s largest cryptocurrency exchange, announced, thru a post in its website, the inclusion of Siacoin (SC) to its list of supported altcoins making a total of 354 supported cryptocurrencies on the platform.
Trading of three SC trading pairs – SC/BNB, SC/BTC, and SC/ETH opens at 11:00 AM (UTC), the announcement said.
Siacoin has been trading badly in the last nine months prompting it to be delisted from Cryptopia, although it can be noted that many of the listed altcoins at that exchange were not faring well either. Its inclusion in the Binance list came as a relief as well as an achievement for the project.
The 2018 downward trend of cryptos took its toll on the coin which took a beating and lost 89% of its value during the correction period.
Siacoin’s price was propped up right away by 20% after Binance’s announcement. The altcoin is presently trading at $0.015, still a good 86% off its January 6 all-time high of $0.111.
The Binance addition seems to have sparked Siacoin back to life from a 40% slump since the last month. How long the coin will stay re-energized still remains to be seen, however, it is evident that it topped the 24-hour gains records for 100 major coins.
A blockchain-based cloud storage system, Siacoin is ranked 23rd among cryptocurrencies in terms of market capitalization. The project, using smart contract protocols for storing data on decentralized platforms worldwide, lets people lease out spare hard drive space to others for SC tokens.