Crypto storage tokens led the way in the first week of July, with Filecoin’s FIL and Storj’s STORJ outperforming large cap tokens such as Bitcoin and Ether. STORJ saw a 43% rise on Tuesday, and has since gained 15% over the last seven days. Filecoin’s FIL, with a market value of almost $2 billion, also gained 12%.
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, said Craig Erlham, senior market analyst at OANDA. 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, while 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.
Solana’s SOL also posted considerable gains on the week, rising 12%. Sean Farrell, head of digital asset research at data firm FundStrat, said that it’s possible that conditions became oversold in the wake of the Robinhood forced selling and now the token is regressing back to prior support levels.
The CoinDesk Market Index, a measure of crypto markets performance, has dropped 1.3% over the past seven days. The Indices’ Computing Sector posted the only weekly gains, while Culture & Entertainment tokens dipped 5% and Smart-Contract Platform tokens lost 2.2%.