Storj, Filecoin and Solana Lead First Week of July Crypto Market Gains
STORJ, the native token of the crypto-backed, cloud storage platform, rose 15% on the week, outdistancing bitcoin and ether, among other digital assets.
Crypto storage tokens led gains for the first week of July with Filecoin’s FIL and Storj’s STORJ outperforming large cap tokens such as bitcoin and ether.
The native token of the Storj protocol spiked 43% rise on Tuesday, and although it has retreated slightly since, it has recently gained 15% over the last seven days. Filecoin’s FIL, a competitor of Storj, with an almost $2 billion market value (compared to Storj’s $145 million), also gained 12% over the last seven days.
Storj is one of a few competing crypto-backed cloud storage platforms and is often described as an alternative to cloud storage platforms like those offered by Amazon or Google. Filecoin is also a decentralized protocol that enables users to rent out spare storage on their computer.
Bitcoin, the world’s largest cryptocurrency by market value, sank 0.7% over the same time period. Ether took a harder hit, losing 3.5%. Bitcoin has traded above $30,000 for a couple of weeks, but has struggled to reach the $32,000 level.
Traders have pointed to the current uncertainty in the market as the reason behind the stagnant price movement. Markets are weighing conflicting economic data and ongoing central bank deliberations about how to tame stubbornly high inflation without casting the economy into a steep recession.
“There's more cause for optimism on the back of the ETF filings but there's no guarantee they will yield a positive outcome even if the chances are enhanced by the backing of those involved. It could also be a lengthy process which may explain the stall we've seen over the last couple of weeks,” wrote Craig Erlham, senior market analyst at OANDA.
Solana’s SOL also posted considerable gains on the week, rising 12% SOL was up 8% on Friday alone. The reason behind the uptick is unclear, but some analysts are predicting a continued surge for the token.
Sean Farrell, head of digital asset research at data firm FundStrat, said that it's not clear what the catalyst is but “it's possible that conditions became super oversold in the wake of the Robinhood forced selling and now we are regressing back to prior support levels.”
Analyst Who Accurately Nailed 2022 Crypto Bottom Says 3 Factors Are Hinting That Bitcoin Could Nuke
A widely followed strategist who called the Bitcoin (BTC) bottom in November of 2022 is outlining three reasons why the king crypto could turn bearish.
Pseudonymous analyst DonAlt tells his 493,800 Twitter followers that his “gut feeling” is that Bitcoin will collapse.
“My gut feeling is we’ll nuke, to be honest.
Taking too long to go up, S&P [500 index] at resistance, dumb shit up a lot.
But given I don’t have a position AND I haven’t been watching the market much lately my gut could just be off.
So I’ll just watch the technicals and they’re neutral now.”
Expounding further on his bearish thesis in a TechnicalRoundup video, DonAlt says that the filing of spot Bitcoin exchange-traded funds (ETF) by giant Wall Street firms such as BlackRock was a catalyst that should have triggered a rally already.
“Bitcoin is consolidating above resistance right now. The problem that I have with this whole thing is that, in my opinion, the whole ETF thing is big enough that it should have pumped already. And the fact that it hasn’t has me worried.”
Bitcoin is trading at $31,360 at time of writing.
According to the analyst, Bitcoin’s support level at $29,000 has to be maintained to avoid a significant correction.
“As long as it [Bitcoin] holds $29,000 on the closing basis, I think this looks okay. If it closes below it would look bad…
As long as we’re holding $29,000 it all looks good in this, nothing to complain about. If we lose it, I could see this cascade a little bit.”
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