Storj token’s price took an unbelievable price hike of 497% during March 2021. However, the cryptocurrency market has been subject to volatility in the past few days, shooting the price down by 60%.
What is the Storj coin?
Storj coin represents Etherium token cryptocurrency based on Decentralized Cloud Storage algorithm where files are not stored in centralized data centers because files are encrypted, split into various pieces, and distributed.
This token operates on the concept of the Ethereum blockchain. This allows decentralizing the Web3 app. This Web3 is also the next big thing for the internet era. It gives individuals more liberty to handle their privacy and data and allows a more secure network to share files that follow the concept of peer-to-peer.
Let’s explore the various aspects of the Storj token and find out if it’s the ideal crypto token for you to invest in. Then, we will discuss the trends in price and the future direction to give you a clear perspective instead of your decision.
Storj USD price chart
Storj Price Prediction
Storj Price Prediction shows that STORJ can reach $2 up to the end of 2021, based on the whole crypto market condition and historical data of Bitcoin. Because of the huge blockchain Decentralized Cloud Storage concept, this crypto impacts new tech companies; the price value may rapidly increase in the next years and above $10.
Digitalcoin predicts that the price of Storj will increase in the future. This trend will be like $2.05 by 2021 to a rise of $2.44 next year; then, it will rise to $4.25 by 2025. Later in the decade, the trends may coerce the price to reach $6.17 by 2028.
Wallet Investor predicts that the price of Storj will rise from $1.88 to $2.44 on the last date of May. It might then go for $3.28 until 2022 and $5.77 after 4 years in 2025. However, Gov Capital speculates that the trading space will be bearish. The value will be as low as $1.81 during the beginning of May, and by 2021, it will reach $1.37. By 2022 it may reach $1.44 and average to $1.46 by the end of 2025.
CoinCodex forecasts that Storj is set to follow a bearish trail. It is said so because 15 technical speculators are giving bearish signals while only 9 indicate bullish signals. STORJ consists of technical support by the value of $1.52, $1.42, and $1.23, $1.81, $1.99, and $?2.09 price levels boast resistance.
The cryptocurrency market is volatile; you need to be aware of the risks and other integrated factors. So, monitor the market and calculate how much risk you can bear and the amount of money you should invest.
What is Storj decentralized cloud storage?
Created by Storj Labs, it is the same as the protocol (open-source protocol) that utilizes blockchain to render peer-to-peer storage services that operate on the cloud. As a measure of exchange, it uses Storj tokens. This company shares the storage space with individuals or companies that possess extra or available space instead of having their data. If someone participates in this network of crypto, they are called nodes. As a token of reward, they get Storj tokens.
The white paper was launched in 2014 by Software developer and co-founder Quin founder Shawn Wilkinson. In 2015, the company’s idea was brought to life, and the trading space was introduced to the world in 2018.
The supply of Storj tokens on Ethereum was 500 million, and it was astonishing that all the 500 coins were mined at the launch. In addition, tIn addition, there was a price drop sale of tokens that introduced 75 million tokens, and currently, there are 287.1m tokens available to trade for the public, as stated by coinmarketcap.com. Currently, the mining of Storj coins is not possible. However, individuals or organizations can farm tokens by advancing or staking the tokens that they possess.
The Tardigrade software of Storj was created on the model of Web3 applications. This structure uses decentralized data privacy, which is done through unnamed nodes. This eliminates the responsibility to bundle the trust on a sole service renderer for the secrecy of data. An announcement came from Storj on 20th April, which stated that they would be rebranding.
Storj Decentralised Cloud Storage
This software will encrypt the file securely before the file is even uploaded on the cloud, which provides an extra layer of safety. After that is done, it is disseminated across various independent hosts in packets or pieces of data. This uses the Proof of Work protocol and POS agreement for node handlers to corroborate the file. The reward for these nodes is Storj tokens.
Every node in the network of Storj receives only some part of the data. The encryption removing keys are also decentralized internet security space amongst the nodes and the hosts. This makes it a hefty task to hack the data and enhances security. Furthermore, the reconstruction of data requires only 30-80 fragments; this reduces the possibility of problems like power downtime and server outages.
This structure makes it easier for people to sell storage from their hard drives, and the efficient working of the platform reduces the cost of storage. To buy space, you can use Storj tokens or even use a credit card to make the purchase.
The price of Storj stood at $0.49 during the time of its release around mid-2017, then it rose to reach the level of $2.25 in the month that followed. In October 2017, the price again fell to a price value of $0.34, then again shot up to $2.58 instead of the crypto peak in January 2020.
Following that peak moment, the value started falling incessantly and in March 2020 recorded a low price of just $0.06. After the streak of high prices, the Storj fell to $0.69 by August. By January 2021, it further fell to $0.26. After that, however, it rose at a fast pace and stood at $3.91 as of 28th March 2021. Then it went on a declining streak again and now stands at the price of $1.60 as of 22 April.
How can you buy Storj coins?
Use your digital wallet to store the coin, and you can purchase it from any cryptocurrency exchange like Kraken or Binance.
You can also buy Storj through CFDs (Contracts for difference). These CFDs help forecast the prices of Storj without even buying the coins. Thus, you can take a position that supports a long stance if you feel the price will rise and take the short one if you feel it will fall. In this way, you can protect yourself from significant losses.
CFDs aim to maximize the user’s profits; this can be very high in volatile assets. However, the risk is always involved as the prices can rise to the contrary of your position.