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Late last month, Storj raised $30 million in an ICO to invest in its network. Buyers of the tokens can use the digital currency to buy storage space or, as in the case of the SPV, they can hold the currency and hope for long-term price appreciation. Tokens were sold for 50 cents a piece and, as of Friday, they were trading at 66 cents.

"Our niche is small- to mid-cap alternative currencies," said Brandon Buchanan, co-founder of Iterative Instinct. "The market is growing at such an exponential rate that I do think there will be more funds that trickle into the space."

The most valuable currencies are bitcoin, with a total market value of $40 billion, followed by Ripple XRP at $30 billion and ethereum at $21 billion. Storj has $33.6 million in coins outstanding, making it the 53rd most valuable cryptocurrency, according to CoinMarketCap.

The dramatic rally of 2017 has driven many of the currencies into froth territory. But underpinning the growth is excitement around blockchain, a distributed electronic ledger that makes all transactions trackable.

The global blockchain technology market will grow 11-fold by 2021 to $2.3 billion from $210.2 million last year, according to research firm Market Reports Hub.

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Bitcoin and ethereum rallies have led to funds like for Storj ICO - CNBC