After the wave of privacy coins, where will investors turn next? Data from the first week of November suggests that attention could shift to storage tokens.
In early November, traders who missed out on the rise in privacy coins appeared to be accumulating decentralized storage projects (tokens that have been established in the market for many years but have not yet regained value). Which altcoins are attracting attention?
3 promising storage altcoins for November
According to Artemis data, storage tokens nearly caught up with privacy coins in the first seven days of November, with an average performance of almost 40%.
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These projects have real-world applications and generate revenue from customers, but token prices have fallen significantly.
“Following privacy tokens, file storage tokens are also outperforming BTC,” predicted investor iWantCoinNews.
In this environment, potential altcoins are those that are showing signs of accumulation or breakout from a long-term consolidation zone. Below are some notable examples in the distributed storage space.
1. Filecoin (FIL)
According to data from CoinGecko, Filecoin (FIL) led the storage coin category in early November.
A recent BeInCrypto report notes that FIL’s trading volume has exceeded $1.4 billion. Meanwhile, Grayscale has increased its FIL holdings this month, reflecting growing investor demand.
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Additionally, Nansen data reveals that top FIL whale wallets have accumulated over 32% more tokens over the past month, while FIL balances available on exchanges have decreased by nearly 15%.
These positive signals have analysts predicting further price increases. CryptoBoss expects FIL to surpass $2.5 soon and potentially reach $5.
2. BitTorrent (BTT)
BitTorrent (BTT) is a decentralized data sharing platform built on blockchain technology and the BitTorrent protocol. The BitTorrent protocol is one of the world’s oldest and most popular peer-to-peer (P2P) file sharing systems.
BTT stands out on this list because its holder data changed significantly during the fourth quarter.
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In October, the number of BTT holders was around 91,000, but by November that number had jumped to 341,000.
Since June, BTT balances available on exchanges have decreased by more than 6%, while the top 100 wallets have increased their holdings by 5.8%.
These numbers show that investors are actively accumulating BTT despite the token falling 50% over the past year.
If this accumulation trend continues and investor interest in storage coins remains strong, BTT may have room for recovery.
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3.STORJ
Storj was one of the decentralized storage projects featured in NVIDIA’s report late last year, along with Filecoin.
Despite STORJ’s long-term downward trend, the number of holders continues to grow, reaching an all-time high of over 103,000 in November, according to Santimento data.
The token price has also risen over 20% in the past 24 hours, indicating renewed optimism among investors. Analysts are observing capital being rotated into storage coins, and STORJ could be one of the next beneficiaries.
“It is clear that the storage story has begun. First ICP > FIL > AR > Storj. Storj looks like the top play among low caps with the greatest ROI potential,” predicted investor The BitWhale.
The key question now is how strong and how long the storage coin trend will last. All these projects have common risks. Many holders are still trapped in the high entry price of the previous cycle. If the price recovers, they may be prepared to return the tokens to the exchange and exit.
