Yahoo Finance Crypto Cloud Storage STORJ Leads Rally by 55% As ETH, BTC Consolidate
Key Insights:
STORJ managed to recover not only June but also half of May’s losses.
Storj’s market cap rose by almost $100 million within 24 hours.
Bitcoin and Ethereum continued to oscillate at $20k and $ 1.1k.
As the crypto market crossed the $900 billion mark today, the top cryptocurrencies were expected to be leading the rally.
However, as it turned out to be a relatively unheard cryptocurrency, Storj managed to take control, leaving behind every major cryptocurrency with its rise.
Storj?
Yeah, Storj. And just as it sounds, the asset is the native token of a crypto-powered cloud storage platform that, up until today, was just another cryptocurrency.
However, the single-day rise of 55.08% that it registered managed to put the altcoin on the map, figuratively and literally, as it entered the top 100 cryptocurrencies list.
Thanks to the rise in the price, the market cap of the asset shot up by almost $100 million in the span of the last 24 hours. This brought the total increase witnessed by the asset over the previous nine days to 156.7%.
This rally invalidated not only the losses noted by the altcoin this month during the June 9 crash but also more than half of the losses that it incurred during the May 65% crash.
The green candle also ensured the rise was sustainable, closing above the 50-day (red line) Simple Moving Average (SMA) and the 100-day SMA (blue line). It is also inching closer to the 200-day SMA (purple line), which would basically turn this into a bullish run.
Furthermore, the Awesome Oscillator officially flipped the active trend from bearish to bullish after a period of more than two months, with the green bars rising above the neutral.
Now whether the asset will be able to maintain this growth going forward or if it will be just another one-day wonder is yet to be seen.
Bitcoin and Ethereum Take a Break
With the altcoins taking the lead, the king coins have been taking it slow, basically making no significant movement at all.
In the last one week, BTC has registered no growth whatsoever, lingering around the $20k to $21k mark, while ETH just crossed the $1.1k level.
On the other hand, the recovery in the case of Bitcoin has been so slow that the king coin has not even entered the uptrend phase, which every other altcoin is currently in.
In addition to this, BTC is still stuck in the bearish zone on the Relative Strength Index (RSI), with the indicator flashing a trend reversal for more than two months.
This article was originally posted on FX Empire
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