Storage-focused altcoin STORJ has seen a notable increase of almost 40 percent in just 24 hours. Thus, it caused fluctuations in the cryptocurrency market. The increase in value was largely driven by an increase in trading activity on Upbit STORJ/KRW, South Korea’s largest exchange. Because it constituted 57.8% of the total spot trading volume, which corresponds to approximately 250 million dollars. Here are the details…
An altcoin skyrocketed by South Korean doping
As reported by CoinMarketCap, this increase in trading volume on Upbit STORJ/KRW has brought STORJ to the forefront by attracting the attention of both investors and enthusiasts. Such an impressive increase in value and trading activity indicates a growing interest in alternative cryptocurrencies beyond Bitcoin and Ethereum. cryptocoin.com As we reported, STORJ is an open source cloud storage platform that operates using a decentralized network of nodes to host user data. This unique approach sets it apart from traditional cloud storage solutions by providing enhanced security measures through advanced encryption.
Unlike traditional providers that rely on large data centers, Storj uses a large network of independent computers to distribute and store data. One of the highlights of Storj is its accessibility; It allows anyone with available storage to become a node on the platform by installing the Tardigrade and providing a reliable internet connection. This decentralized model not only offers individuals the opportunity to monetize their empty terabytes, but also offers users significantly lower storage costs compared to traditional cloud storage services.
Kaiko data pointed to an increase in trading volume
The recent increase in trading volume on South Korean exchanges highlighted by Kaiko further highlights the growing interest in cryptocurrencies. In the last week of June, daily trading volumes in South Korea exceeded an impressive $4 billion, revealing an interesting trend. Trading volume in Korean won (KRW) exceeded that in US dollars (USD). This points to a strong domestic demand for cryptocurrencies and a strengthening crypto market within the country.
Also, the increase in trading activity was mainly driven by altcoins, with altcoin trading contributing approximately $3.6 billion to the daily trading volume. STORJ has emerged as a major player in the altcoin market with its significant increase in value, attracting the attention of investors seeking potential opportunities beyond traditional cryptocurrencies.
They invested $1.22 million in STORJ on Binance
In addition, the Storj team recently invested 2.5 million STORJ tokens on the famous cryptocurrency exchange Binance, equivalent to $1.22 million. This move by Team Storj reflects their confidence in the rising value of STORJ, bringing their total STORJ holdings to 11.6 million tokens amounting to approximately $5.7 million. The money invested in Binance marks a strategic decision to capitalize on the rise and potentially explore further growth opportunities.
As STORJ continues to gain momentum in the cryptocurrency market, we will see whether this volatility is a temporary phenomenon or a sign of long-term growth. However, recent events have undoubtedly thrust STORJ into the spotlight and caught the attention of traders, investors and tech enthusiasts around the world. With its unique decentralized storage solution and rising market capitalization, STORJ has positioned itself as a key player in the ever-expanding cryptocurrency world.
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