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

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.

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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.

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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.

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