Is Siacoin (SC) Better Than Storj (STORJ)?
Crypto projects are increasing at a geometric rate, and its increase has brought some amazing projects to the blockchain technology.
Siacoin and Storj are two amazing crypto projects which have gone rather unnoticed in the crypto market for a long time now, perhaps due to the growing nature of their niche industry.
Siacoin and Storj are crypto projects utilizing the blockchain technology to render Storage Services. While both may offer extra services, their key target is the cloud storage industry, where Siacoin and Storj are the two leading crypto projects. So which project has performed better.
Siacoin has been around for 3 years, and its decentralized network lets users all over the world can rent their storage space and get rewarded with the native token on the Sia network, Siacoin (SC).
The Sia network is a fast and reliable one and hopes to improve on its achievements by integrating Proof-of-burn algorithm before the fall of Q3.
Storj has been in the cloud storage business longer than Siacoin, it was launched in 2014 as SJCX, but got rebranded in 2016. Storj offers more than the cloud storage services as it doubles as a digital payment system.
Storj allows users to store end to end encrypted data just like Siacoin, and tends to lean more towards decentralization than Siacoin.
Market Status of Siacoin (SC) and Storj (STORJ)
Over the last few months, Siacoin (SC) and Storj (STORJ) and the entire crypto market has endured a turbulent run.
Both assets opened for trade today in the red zone, as at the time of this writing, SC is trading at $0.013 with a decline of 4.5% over the last 24 hours while STORJ records a decline of 1.73% and currently trades at $0.585.
Both cryptos have definitely seen better days, early in January, Siacoin and Storj both recorded their respective all-time trading highs. SC traded as high as $0.11 while STORJ recorded its all-time high of $2.83.
This implies that Siacoin’s current value is 11.8% of it all-time high while Storj’s current value is 20.5%.
In this department, Storj is definitely the better coin for being able to maintain a greater percentage of its value admits the crypto market crisis.
The low trade value of Siacoin also makes it an interesting investment option considering the coin’s ability to spike under favorable conditions.
Mainstream Adoption: Siacoin Vs. Storj
Mainstream adoption is what every cryptocurrency hopes to achieve in their respective spheres. In a shorter time in the crypto market, Siacoin seems to eclipse Storj in the Cloud storage industry.
Siacoin already boasts more partnership than Storj, and their market capitalization is incomparable. Despite having a smaller value, Siacoin eclipses Storj in this department.
Siacoin has a market cap of $450.52 million USD which makes it the 32nd largest cryptocurrency while Storj has a market cap of $79.4 million USD which makes it the 120th largest cryptocurrency.
Siacoin also boasts a larger daily trading volume which can only mean it is used more often than its counterpart.
Both cryptocurrencies are amazing in their own rights and have performed better than its competitor in a couple of fields.
However, Siacoin (SC) has some remarkable achievements which Storj is yet to witness, and it has done that in a shorter time in the market.