As was to be expected somewhat, most of the top cryptocurrency markets have turned significantly bearish all of a sudden. Even though Bitcoin has paved the way in this regard, one wouldn’t necessarily expect all markets to follow suit. The Storj price shows things can be done very differently without too much effort. despite its huge gains, it seems rather unlikely this uptrend can be sustained for very long.
Storj Price is Already Retracing
When Bitcoin bleeds just the tiniest bit of value, alternative markets will usually lose twice to thrice as much ground. Not just in USD value, but also in their individual ratio with Bitcoin, which only further compounds losses. In the case of Storj, however, the uptrend is firming up rather nicely, although some of the gains have been wiped out pretty quickly already.
To put this in perspective, the Storj price has gained a stunning 46% in both USD and BTC value. In doing so, the price per STORJ is brought to $0.2814, or 7,760 Satoshi. STORJ Is also traded against Ethereum, where it gained just over 42% in the past few hours. It is quite interesting to note how there is also a high amount of overall trading volume, which is rather uncanny for this particular market at any given time.
On social media, it would appear there is a lot of focus on Storj because of the price gains alone. Crypto Gulp confirms this token is the strongest riser in the past 24 hours, but it is evident this will not necessarily last all that long. After all, the increase in trading volume will cause a lot of people to cash out any profits regardless of how steep or small they may be.
Out of the top 💯 #CryptoCurrencies, most gainer in the last 24h was… 🥁
💲 Current Price : $0.283996174
🚀 Increased by : 73.64%
💵 Market Cap : $38.6 million
💱 Trading Volume: $72.9 million
Check it out 👇https://t.co/bTsISxLcSk
— Crypto Gulp (@CryptoGulp) February 17, 2019
When looking at the actual price chart, it would appear the 1-week chart does not look all that promising. In fact, there is a genuine chance this volume increase will not be sufficient to keep the Storj value near any of the current levels. It will certainly be interesting to see how this market looks in 24 hours from now.
$storj HTF (1W) Chart. Purple box is the area where I'm a buyer. Fits with fibs levels. I don't see the weekly close above the blue box. Volume burst is crazy 👀#cryptocurrency #STORJ pic.twitter.com/0tZTaYlEBL
— ypppy ki-yay (@ypppy) February 17, 2019
For those who are uncomfortable with the current Storj value increase, there is a healthy triangular arbitrage opportunity to explore for quick profits as well. Although it involves the use of EXMO to convert the funds to BTC again in the end, one has to put in a bit of effort to achieve a 78% profit per trade. For speculators, this will certainly be a worthwhile option to look into.
— KoinKnight (@KoinKnight) February 17, 2019
One has to keep in mind no massive uptrend in the cryptocurrency world will remain in place for very long. That is especially true when it involves smaller cap altcoins or projects which suddenly see a massive value increase for no apparent reason. In the case of Storj, it is evident there is a genuine chance most, if not all of these gains will be wiped out fairly quickly. When that happens, a lot of users will be left holding big bags.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.