Storj crypto volume skyrockets 900% on big update. Here's what happened

Be the First to Comment Read

Storj crypto volume skyrockets 900% on big update. Here's what happened

Follow us on Google News:
 Storj crypto volume skyrockets 900% on big update. Here's what happened
Image source: © Bakhtiarzein | Megapixl.com

Highlights

  • The price of Storj (STORJ) cryptocurrency surged 16 per cent over the previous day and its one-day volume skyrocketed over 900 per cent.
  • Storj crypto often grabs the attention of the cryptocurrency enthusiasts as it has some unique features.
  • The total supply of the Storj cryptocurrency is approximately 425 million tokens, and its circulating supply is 389.04 Storj tokens.

The price of Storj (STORJ) cryptocurrency surged 16 per cent over the previous day and its one-day volume skyrocketed over 900 per cent to US$ 330.6 million, according to CoinMarketCap data.

After declining rapidly over the past few days, the crypto market started recovering on Tuesday, April 19. At 8 AM EST, the global crypto market cap had surged to US$ 1.95 trillion after soaring 3.1 per cent in the last 24 hours.

The total crypto market volume also noted an increase of 0.4 per cent over the previous day to US$ 90.51 billion. Meanwhile, the two major cryptocurrencies Bitcoin and Ethereum (ETH) were up 3.3% and 3.5% to US$ 42,114.87 per token and US$ 3,154.58 apiece.

Why is Storj crypto rising?

Storj announced on Wednesday morning that it is launching pinning services through InterPlanetary File System (IPFS).

The protocol announced on Twitter that Storj's IPFS pinning services could be used for assets like non-fungible tokens (NFTs) and other content-addressable storage in decentralized applications.

Notably, an IPFS is a peer-to-peer network and protocol designed to store and distribute data in a distributed file system. The InterPlanetary File System can uniquely identify each file in a worldwide namespace through content-addressing.

What is Storj?

Founded by Shawn Wilkinson in 2014, Storj is a centralized cloud storage network pronounced as storage. The decentralized protocol is open-source and uses decentralized nodes to host user data and secure them through encryption.

Also Read: Zilliqa (ZIL) crypto soars amid rising market. Here's why

Storj often grabs the attention of the cryptocurrency enthusiasts as it has some unique features. For example, it is not like traditional cloud storage providers who store data in massive data centers. Storj uses a network of thousands of computers to store data.

A user can become a node of Storj if they have a strong internet connection and a few terabytes of space by installing a software called Tardigrade.

Storj crypto                                                                                 ©2022 Kalkine Media®

Also, users of the Storj network have to pay far less for storing their data compared to the traditional cloud services providers.

Bottom line

The total supply of the Storj cryptocurrency is approximately 425 million tokens, and its circulating supply is 389.04 Storj tokens. Meanwhile, the market cap of the virtual currency is US$ 481.6 million.

The Storj crypto is available for trading on cryptocurrency exchanges like Binance and Coinbase. However, investors should exercise caution before investing.

Also Read: What is Dallas Cowboys crypto? All you need to know

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK