Evolving crypto market is delivering groundbreaking unique projects every day. One of the innovative crypto assets that stunned the space with its distinctive features is Filecoin (FIL).
The beginning of the year 2021 turned out to be extremely bullish for FIL price as the asset boomed by almost 440% surpassing the triple-digit milestone with huge institutional investments pouring into the asset.
Amazed by what caused the FIL price to Soar? Would you like to know more information on FIL? Well, you are in the right place. Here, in this article, we’ll give a detailed guide on its fundamentals, updates, and close Filecoin price prediction.
|Circulating Supply.||110,367,243.00 FIL|
|All-time high.||$237.24 April 1st, 2021.|
|All-time low.||$2.74 on January 30th, 2019.|
What is Filecoin (FIL)?
Filecoin is a trusted decentralized storage system that’s objective is to “store humanity’s most important information”. Moreover, the asset is an open-source cloud storage cryptocurrency launched with the aim of blockchain-based cooperative digital storage and retrieval.
Similar to Ethereum, Cardano, and many other assets, Filecoin has its own native token FIL. This is an ERC 20 token in Binance smart chain mainnet. This native protocol incentivizes a global network of computer operators to pay for digital storage and retrieval, and for other transactions on the platform.
The initial release of the Filecoin was on 15th July 2014 and went live to the mainnet in October 2020. The platform was founded by Juan benet.
Juan Benet was a Computer scientist from the USA, who completed his studies at Stanford University. In order to bring revolutionary changes in the DeFi space, he launched Protocol labs in the year 2014. With the aim of promoting Filecoin, Interplanetary File System (IPFS), a peer-to-peer storage network, and other projects, he attended Y combinator in the summer of 2014.
Prior to Filecoin mainnet launch in July 2020, Truffle Suit company, the best tool provider for smart contracts declared that it would be allowing Filecoin to facilitate its investors to build DeFi Apps with 100% uptime. This could be done by extracting the benefit of Filecoin’s digital storage miners across the world.
In October 2020, Filecoin announced a partnership with ConsenSys with the aim of serving millions of traders by enabling a chunk of new cost-efficient digital data storage options & storage miners around the world. A similar collaboration with ConsenSys was announced in October 2020, which saw Filecoin’s distributed marketplace integrated into the ConsenSys Ethereum-based product stack, serving millions of users with access to an array of new cost-efficient data storage options.
As per the sources more than 60 tech firms have collaborated with Filecoin and the platform exceeded 1 exbibyte of storage capacity in November 2020. Since its mainnet launch, the Filecoin platform has been utilized in the integration of Textile’s Powergate, a multi-tiered storage service. And Space, open-source digital file storage, sharing, and collaboration network.
Huobi Group partnered with Protocol Labs in November 2020. And in order to help creative Filecoin developers and academic research announced the launch of a $10 million incubation center.
Filecoin Price Prediction 2021:
The first quarter of the year 2021 turned out extremely positive for Filecoin, as the asset started its bullish rally from the very first day. With a trading value of $21.81, FIL price resumed its bull run in January.
On a hopeful note, the coin dramatically started to accelerate. By March 15th, the price of the coin soared beyond $80. Then, surprisingly FIL price skyrocketed to hit ATH at $237.24 on April 1st, 2021. After reaching the milestone number the asset stumbled back to $72.79 on May 22nd, 2021 due to the Chinese market crash.
The token continued to fall till mid-July, where the price almost dipped to $45.62 returning to its initial levels back in January. Later the price started a study rise from there, smashing the $100 mark yet again in September. Once again market turmoil coming out of the Chinese market plunged the price back to $59.12
Will FIL price boom in Q4? The Filecoin price is currently trading at $72.21 with 5.73% gains in the last 24 hours. The immediate resistance level is at $52.23 break out could result in a massive FIL price explosion.
Filecoin is expected to continue this bullish trend throughout this year. Based on its growth pattern and predictions, the asset could smash a maximum of $190 by the end of 2021. Minimum the price may flip to $48. With average buy and sell pressures the altcoin could end up trading at $115.
Also Read : Tron Price Prediction, Will TRX Price Reach $1 by 2021?
FIL Price Prediction 2022:
If the altcoin hits positive highs by the year’s end, then 2022 may start with a bullish note, if it falls down, then the new year journey may resume on a bearish note with $150.As some of the upgrades are in the pipeline, if the network fails to introduce at the said time, then the price may plunge down to $102.23 by the end of 2022.
With successful upgrades the asset could moon to $225.54.However, with regular buying and selling pressures, we can see FIL price trading at an average value of $141.25 by the end of next year.
Filecoin Price Prediction 2025:
In 5 years, the Filecoin price might continue to peak and it may break all its past price records by touching the new height. Altcoin might announce new services to its trading to enhance the minds of the investors to invest in FIL. In 5 years, the asset might reach the $500 mark.
FIL Price Market Prediction:
Walletinvestor made a decent prediction for FIL. They expect massive growth prices in the upcoming years. For the year 2021, they predict that the FIL price may reach a maximum of $128.246 and at minimum, it would flip to $32.983. And by the end of 2021, the price would end up trading at an average price of $81.768. The coin price may nearly double and hit $364.345 in 2025.
A crypto prediction website has revised their price prediction for FIL, they forecast that the price is expected to close its trading at $112.92 by 2021. In 2022-2024, an average price close to $128.70 to $154.06 is predicted.
Also Read : XRP Price Prediction: Ripple Price For A Bull-Pull To $1 in 2021?
Our Filecoin (FIL) Predictions:
The constant upgrades and partnerships will give a massive boost to the price of Filecoin (FIL). With recent network upgrades, the price is rising extremely positively.
According to Coinpedia’s formulated Filecoin price prediction, with a spike in bull market sentiments, FIL’s price may skyrocket to $150 by the end of the year 2021. On the downside, future market fluctuation and increased competition may adversely affect the altcoin’s price to see a downtrend in the upcoming months, which may result in a collapse of the coin’s price to $30.
|Year.||Potential High.||Potential Low.|
Historic Market Sentiments:
Filecoin entered the market in 2020. Later on, the price started to improve and reached $5 at the end of November. With certain fluctuations, the FIL price ended 2020 with a trading price of $4.97.
Yes, if you are planning for the long-term FIL price looks promising, as the coin is planning for expansion and more collaborations.
Filecoin has a huge potential to reach new ATH’s as per the fundamental analysis. According to crypto analysts, altcoin can hit the $300 mark by the end of 2025.
Filecoin is available across popular platforms such as Binance, Coinbase, Huobi, and more. You can easily register there and can trade the coin.
If the current bullish trend continues and if the coin plans for more updates and partnerships, Filecoin’s price is expected to hit $200 by the year-end.