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STORJ, the Ethereum-based token underpinning the eponymous decentralized cloud storage platform, soared to a ten-month high of $0.55 earlier on Wednesday, becoming one of the top-performing crypto assets in the past 24 hours.
Although the price of STORJ is falling fast, trading at $0.41 at the time of this writing, it still represents a 16% increase on the day and a 67% rise over the last week.
The last time STORJ changed hands at $0.55 levels was in September 2022, according to data from CoinGecko.
A relatively small coin, STORJ at some point on Wednesday also saw its market cap almost double from yesterday's values below $39 million, moving the asset up to the 348th place in the rankings.
While there’s no particular news or announcement that would trigger STORJ’s latest rally, the coin saw increased trading volumes on Upbit, one of the leading South Korean crypto exchanges, which contributed to over half of the entire spot trading volume for the token.
“An unexpected stand-out during this subdued period has been the storage token STORJ,” crypto exchange BTSE wrote in today’s note. “It’s an intriguing development that suggests investors are diversifying their crypto holdings and exploring alternatives beyond the traditional market leaders.”
What is Storj?
Storj is a decentralized cloud storage platform that uses blockchain technology and peer-to-peer networks to provide secure and private data storage.
First introduced in 2014, Storj pioneered the concept of creating a more cost-effective alternative to traditional centralized cloud storage providers, such as Amazon Web Service (AWS), Google Cloud, or Microsoft Azure.
This is achieved by allowing users to rent out their excess hard drive space and bandwidth to create a distributed network of storage nodes, which collectively provides storage services to users who need to store and retrieve their data.
Storj’s one notable competitor is Filecoin (FIL), which was launched in 2020 by Protocol Labs. The project’s native token FIL is currently ranked 31st with a market capitalization of almost $2 billion, trading at $4.53, down 2% over the day.