Here Are Today’s ICO Winners: Iota (IOTA) and Storj (STORJ)

Bitcoin is flirting with $10,000 and there is a huge amount of speculative attention flowing into the space right now. This is translating into plenty of volatility across the various tokens and cryptocurrencies available on the crypto exchanges and, in turn, we are seeing many of these tokens rise and fall sharply.

Here is a look at two of the biggest gainers in the space over the last 24 hours with a discussion of what’s driving each.

The two tokens we are looking at for the session today Iota (IOTA) and Storj (STORJ).

First on the list, then, is IOTA.

There is a good chance that many reading this report will already be familiar with IOTA. The token is representative of its eponymous company and said company is responsible for the creation of what’s called the Tangle. A Tangle is defined as a directed acyclic graph (DAG), which is a generalization of the block chain protocol (a blockchain is a special case of a DAG).

Basically, instead of requiring miners to process transactions, through using a Tangle like system, people who are actually making the transactions verify other pending transactions as they process their own. Specifically, each new transaction requires two random transaction verifications before it takes place.

Anyway, the system that Iota has put in place is widely regarded as likely being the most applicable system to the Internet of Things (IoT) and the reason that the token is running today is that the company has just announced what it calls its IoT Data Marketplace – one of the first real world marketplaces of its type and a platform that, many believe, could firmly establish Iota (and, by proxy, it’s token) as a real player in this space.

Many of the major news media outlets have picked up on the news, including Venture Beat, and this is driving positive sentiment right now.

Over the last 24 hours, IOTA is up 27%, currently trading for $1.251. Since this time last month, the token is up just shy of 250%.

Assuming the wider space doesn’t suffer a near-term correction, there is a good chance IOTA will continue to appreciate heading to the close of this week.

Next up, STORJ.

Again, this is something of a heavy hitter in the space and there is a good chance that most reading will be familiar with the STORJ token and the company behind it. For those new to Storj, however, it’s a network storage company that was set up to link anybody with storage requirements to anyone with free space on their hard drive. Basically, the company’s customers pay computer users to rent out space to them and they use the STORJ token as the method of payment in the source transactions.

Just as with IOTA, STORJ currently trades at a 27% premium to its price 24 hours ago but, unlike the former, is actually down 53% over the last 30 days. What we are likely seeing here is a longer-term reversal of a correction that saw the company giveaway much of its strength over the last couple of months and, in line with this statement, it looks as though STORJ could be set for some near-term strength going forward.

From an ICO price of $0.009, STORJ currently trades for $0.336 – a more than 3600% appreciation across the period.

Again, keep in mind that bitcoin is making fresh highs and this makes the ICO space a little bit more dangerous than normal given the increasing likelihood of a near-term correction in the underlying asset.

It’s not prohibitive to picking up an exposure to these two above discussed coins right now, but it should be considered in line with any risk management strategy.

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