The market is starting to recover, and that means the prices of your favorite crypto coins are also coming back to life. This is great news for the entire market as that means investors are becoming more confident and regaining the initiative to get back in. So then that begs the question; which coin do should you buy now?
Well, to help you with that answer, let’s start with a particular token called Storj. It is below the hundred rankings, which is a pretty good place for the coin to go up multiple times, but at the same time, it is not completely out of investors’ radar.
This Storj price prediction article will analyze the price forecast for Storj in both the short and long term. We will also discuss its tokenomics, as well as the competition that could hinder it from going to the moon.
Storj Historical Price Analysis
The price of Storj began to be tracked by CoinMarketCap on July 2, 2017, with an initial price of $0.8131. This was just in time for the famous 2017-2018 bull market, but the price quickly soared well before December, allowing Storj to reach its first all-time high of $1.82 on August 11, 2017, before it then quickly began to drop, reaching a low $0.3248 by October 20.
But luckily, the price began to soar again quickly. With the price of Bitcoin quickly rising up, the price for Storj also quickly rose, surpassing its previous all-time high close to the end of December. However, it continued to go up, reaching a new all-time high of $2.623. By January 8, 2018, it finally plummeted down, along with the rest of the crypto market.
The price temporarily experienced an uptrend sometime after April 5, reaching a moderate $1.2446 before again rapidly decreasing throughout that summer.
For all of 2019 and the first half of 2020, the price of Storj experienced very little activity. It hovered in between the low $0.13 – $0.20 throughout that time, until around August 10, 2020. It began experienced two small little pumps before going a bit quiet throughout the rest of the year, spilling over into the new year.
Then sometime in early January, things really began to take off. Almost immediately, the price had a parabolic run for a few months until it reaches a new all-time high of $3.21 on March 26, 2021. It then began to quickly go back down, finding temporary support at $1.60 on April 21, allowing it to bounce back up. However, on May 11, the price fell right through, going down around $0.91 before then very slightly going back up.
Current Price, Market Cap, & Supply Details
At the time of writing this article, Storj has a current price of $1.14. It is currently ranked #133 according to CoinMarketCap, giving it a marketcap of $326,977,901. In the last 24 hours, it had experienced a -5.79% in price.
Storj has a current circulating supply of 287,542,926.42. It has a maximum supply of 424,999,998.
Storj (STORJ) Future Price Forecast Predictions
This section will take a look at the price’s direction on both the short and long-term basis.
When it comes to the short term, DigitalCoin paints a very bearish picture. Although the market seems to be recovering, that doesn’t mean investors are eager to enter back. Wanting to be sure, many will take their time and slowly creeping back in. Naturally, many of them will initially eye the top 10 since they offer the most security, at least when compared to altcoins ranked 50 and below.
That being said, with ever else being equal, Digitalcoin, Wallet Investors, and others do have a rather positive review over the long term. Digitalcoin even predicts for the price to have a 450% increase by June 2026!
Short Term Forecast
Long Term Forecast
Storj Price Prediction 2021
As the chart above suggests, the price is expected to start bouncing back up, flirting just below the $2 mark. From July – December, the average price increase is expected to be 55.39%. That’s not too shabby, especially if you bought some Storj when it was just below $1.00. That’s an almost double increase.
Storj Price Prediction 2022
2022 however, doesn’t really provide much confidence. Although the price does seem to break above the $2.00 range, it is expected to be struggling in finding that support. For example, January 2022 is when the price should be around $2.36. However, the next month after, it slumps back below $2.00, only to bound back up in March, albeit just barely. And it appears to be doing that see-saw struggle without the whole year.
Storj Price Prediction 2025
By the time we get to the year 2025, things are looking to be much better. It appears that the price has finally managed to surpass the $2.00 mark, even the $3.00, and is expected to be bouncing around between $3.15 – $4.13. In percentage terms, that’s a 204% increase average move from the current price.
Is Storj a Good Investment?
Ultimately, that is the 1 million dollar question; is buying Storj worth it? Well, in the long-term, it does seem so. But that is assuming you are willing to hold onto it for quite some time. Yet even then, the price is only expected to go up 204% in 4 years. This is in stark contrast to other cryptocurrencies, which are expected to make that much gains in a little over a year.
Therefore, is it really that worth it? Well, one benefit that it might bring is making your portfolio that much more diversified. So, it wouldn’t hurt to buy some Storj tokens for the long run.
But then this begs the question; why is the price expected to struggle in the next few years? To answer that, we first need to what Storg is.
How to Buy Storj?
The Storj token is listed on a number of exchanges that you can easily go to. The common ones with sufficient liquidity are Binance, Coinbase Exchange, Kraken, Gemini, Huobi Global, Balancer, CEX.io, MXC.COM, as well as on the 1inch DEX.
If you instead prefer a quicker way of buying Stroj, you can always use Changelly:
More Information About Storj
What is Storj?
The Storj (pronounced as “storage”) platform bills itself as a decentralized file storage solution that combines the benefits of cloud-based storage and blockchain technology. At the heart of the project is the Storj network, which, among other things, allows the users to put up their free disk space for rent.
Users who are required to store files and assets online can access the Storj network and rent the available storage resources from the renters in this ecosystem (“farmers”). The payment is made with STORJ tokens on the blockchain, and their use is supposed to encourage users to become a sort of small-scale cloud storage provider.
Storj seeks to be a direct competitor to other cloud tech giants such as Google and Amazon by attempting to meet several challenges.
Firstly, it seeks to lower the cost of infrastructure by offering a decentralized model. Instead of storing all data onto giant data centers, Storj uses regular users from all across the world who offer their extra storage on their computers and laptops while paying them in Storj.
This mitigates the cost of maintaining giant data storage centers while also making it that much harder to control or hack such data centers since all the data is distributed, thereby not making it a single point of failure.
Secondly, Storj promises a more flexible scaling model. With the help of sharding technology, Storg is preparing itself for the eventual mass adoption of both storage nodes and users.
The Storj, an open-source project, was started in 2014, while the ICO took place in May 2017. The project shares the name with the Storj Labs company, which is headed by the founder and CSO Shawn Wilkenson, Ben Golub (executive chairman), John Quinn (co-founder), and Philip Hutchins (CTO and principal architect). The core team has about 45 members with various professional backgrounds ranging from Bitcoin mining to managing startups.
As mentioned, Storj was founded by Shawn Wilkinson in May 2014. Wilkinson was a software developer based in Atlanta and soon realized how blockchain technology could be leveraged to build a decentralized cloud storage network.
Together with his co-founder, John Quinn, the first white paper was published in late 2014. Since then, the concept and details have changed. The current version of Storj, V3, was launched in the middle of 2019.
In addition to being a blockchain enthusiast, Quinn had an extensive background in business development. Prior to his involvement in Storj, he had been involved in the investment banking industry. The concept was finally incorporated as a company — Storj Labs Inc. in May 2015.
At the company’s inception, Wilkinson served as CEO. Later, he stepped down for a more experienced hand to take the wheel, with Ben Golub currently serving as CEO. Wilkinson is now the chief strategy officer (CSO), while Quinn serves as the chief revenue officer (CSO) as well as a member of the company’s board.
The platform was able to raise 910 bitcoin worth about $460,000 in 2014 in a public crowd-sale. They raised $3 million in a seed funding round three years later and then held a token sale, generating an additional $30 million that same year.
Storj Labs Inc. uses special software installed on node computers to create and secure user data. This network of anonymous nodes removes the need to trust cloud storage service providers to secure the privacy of our data.
The system is also peer-to-peer encrypted, which means that each file is encrypted before being dispersed to the network of independent hosts. Each node only receives a random fragment of a whole file with decryption keys split among each node and the host, making it almost impossible to hack.
Through a Proof-of-Work (PoW) consensus algorithm, node operators get rewarded for hosting data as well as confirming the safety and retention of the hosted files randomly. The Storj token is used for this purpose. Individuals or organizations who want to store their data on the network provide the Storj tokens paid to nodes.
This system ensures that user data are protected against hacks and other malicious attacks. It also removes the risk of storing data in a few isolated data storage units — which can be subject to a planned, coordinated attack, leading to mass loss of user data.
Storj’s is noble and good, but unfortunately, it is facing very stiff competition, and it is probably a major reason why its price is expected to struggle in the next few years.
Apart from traditional competition from the likes of Google and Amazon, Storj also faces competition from the crypto market, namely Siacoin and especially Filecoin. Filecoin has currently ranked 23 places in the market, has managed to obtain many well-known partners, and has a massive war chest.
Additionally, Filecoin only has 76,259,912 FIL tokens, make it that much more scarce than Storj’s token.
With these advantages, you would think Storj has no chance of its price going up. However, it does have a few advantages. Firstly is that Filecoin seems to have already had its run-up in this bull market. Although it could again see its price go up, it’s not expected to up as high as it did before. Secondly, Storj has a lower barrier to entry on becoming a storage node in its network and is less costly. Thirdly, as previously mentioned, because Storj is ranked much lower, it has a better chance of making doubling or even tripling gains before the end of this bull market.
Despite the amount of competition for providing cloud storage, there is still hope for the price of Storj to have another good run in the short term. However, with all the attention Filecoin is drawing onto itself, it does appear for the Storj token to struggle a bit, especially in the mid-short term.
That being said, investors looking to bag some Storj token should do so with the expectation that they can make a profit on a more long-term basis than short term.