Storage, Filecoin, and Solana lead the market in the first week of July | CoinDesk JAPAN | CoinDesk Japan

In the first week of July, Filecoin (FIL) and Storage (STORJ), so-called storage tokens that realize decentralized file sharing, outperformed major crypto assets such as Bitcoin (BTC) and Ethereum (ETH). .

storage coin

Storage rose 43% on July 4th, followed by a slight decline, but a 15% gain over the next seven days. Filecoin is also up 12% in seven days. Filecoin has a market capitalization of about $2 billion, while Storage has a market capitalization of about $145 million.

Launched in 2014, Storge is a so-called cloud storage platform that allows users to rent out unused storage on their computers and receive tokens in return, replacing cloud services offered by Amazon and Google. Often described as an option. The same goes for Filecoin.

Meanwhile, Bitcoin fell 0.7% over the seven-day period, while Ethereum dropped an even bigger 3.5%. Bitcoin has been hovering above $30,000 for several weeks, but is struggling to test $32,000.

Traders point to market uncertainty as the reason for the sluggish price action. Markets are weighing conflicting economic data against the Fed’s efforts to keep inflation under control without causing the economy to retreat sharply.

“(Successive) bitcoin ETF applications can be optimistic, but even if the likelihood of approval increases with the support of stakeholders, there is no guarantee of good results. ETF applications may take a long time. That may be the reason for the slump in the last few weeks,” said Craig Erlham, senior market analyst at Oanda.

Solana recovering from oversold

Solana (SOL) also posted a sizeable gain of 12% in the first week of July and 8% in the 7th alone. The reason for the rise is unclear, but some analysts are predicting a continued rally.

Sean Farrell, head of digital asset research at digital asset data firm FundStrat, said it was unclear what the factors were, but said, “The sell-off following Robinhood’s delisting prompted a surge in sales.” It may have been oversold and is now back to its previous support level.”

$SOL

Keeps on climbing

Maybe above $21.6 (midrange), things could accelerate a bit https://t.co/N9jbF98B8T pic.twitter.com/DMvaejO5IE

— Livercoin (@Livercoin) July 7, 2023

continues to rise.

Perhaps, above $21.6 (mid-range), things could accelerate a bit.

The CoinDesk Market Index (CMI), which measures the performance of the entire cryptocurrency market, has fallen 1.3% in seven days.

｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Storj, Filecoin and Solana Lead First Week of July Crypto Market Gains