The digital currency Filecoin has seen some significant gains over the past two months, with its value rising by roughly 15%. It’s currently ranked 11th in terms of total market cap, with a current market capitalization of $2.63 billion.
Filecoin is a blockchain-based storage platform aiming to make the world a better place by decentralizing big data. It acts as a cryptocurrency that allows you to store data on its network and earn tokens for doing so, creating a new kind of storage business model.
Filecoin is a cryptocurrency project launched in September 2017 by Protocol Labs, a blockchain company known for Filecoin, a decentralized storage platform.. Read more about filecoin news today and let us know what you think.
Summary of the situation – Filecoin is at $102.10, up 37% in less than 24 hours. – Filecoin continues its upward trend, while Bitcoin loses 7% of its value. The Filecoin crypto-currency is the only one to experience upward movement even in the midst of a market decline. This virtual currency is in the top 50 tokens with the highest market capitalization. The crypto market is in a downward trend and has lost over 6.88% of its $65 trillion capitalization. But the Filecoin token, FIL, is the 22nd largest capitalization in the crypto-currency market. The token reached a highest daily value of $102.10, 37% higher than its initial value. Despite this unfavorable decline, the currency has shown good growth in the past 24 hours. However, the two main cryptocurrencies, Bitcoin and Ethereum, lost more than 7% of their value in less than a day. This fall in price reflects the fact that FIL may also lose value in the near future.
Price losses in cryptocurrencies
In February, Tesla CEO Elon Musk announced that the automaker had acquired BTC tokens. That stock balance has risen to $1.5 billion, creating a boom that would normally send the price of cryptocurrencies soaring. Bitcoin’s upward trend continued until May, when Musk announced that the company would no longer accept the crypto currency. These announcements have caused bitcoin, filecoin and other major cryptocurrencies to lose more than 50% of their value. For example, the value of bitcoin dropped from $60,000 to $30,000 at the end of May. The rumors about Musk didn’t stop after this statement, as rumors surfaced that he may have sold his BTC assets. Musk eventually spoke out on the matter and denied all of these reports, causing consternation among cryptocurrency traders. Although bitcoin and altcoins have not recovered from the big loss, they have had a stable market. Bitcoin is still trading between $30,000 and $40,000, but its price could rise before the end of the year, according to cryptocurrency enthusiasts.
Currently, there is no significant news for Filecoin that supports the upward trend. More than a week ago, however, the FIL team said it was working on an update for the hyperDrive network. The new network is trying to increase the raise, which is ten pennies. But cryptocurrency investors believe Filecoin’s uptrend is driven by its relative strength index. The RSI measures the momentum of the price of the crypto currency when it is in oversold or undersold territory. The cryptocurrency has grown due to the prominence it has gained in the last few hours compared to other tokens. This IHR takeover has happened in the past with Dogecoin, Internet Computer, and even Bitcoin. Investors should take advantage of this trend to invest and make corresponding profits.It was reported by CoinMarketCap that Filecoin has grown 15% among top 50 cryptos since the start of the year. Filecoin is a decentralized storage network that helps to build a data storage network in the absence of a reliable cloud storage network.. Read more about filecoin news 2021 and let us know what you think.