Is Filecoin Trading in the Right Direction?

The crypto market has been steady for the better half of 2023. The industry is seeing several major assets showing resilience even better than traditional assets. Filecoin, or FIL, is one such crypto asset that has been trading around the $3 mark for a while now.

A major reason behind this growth is the launch of its Filecoin Virtual Machine several months ago. The platform has recorded 10M FIL in 6 months, showing Filecoin’s reliability. Wondering whether FIL is still trading in the right direction?

Let’s figure it out!

Overview of Filecoin 

Filcoin first entered the crypto circle back in 2017. It was introduced as a decentralized storage network for global marketplaces.

In addition, Filecoin was released with its cryptocurrency, FIL. Created by Protocol Labs (known for InterPlanetary File System), Filecoin aimed to resolve the lingering data storage and retrieval issue among digital marketplaces.

Filecoin allows users to become storage providers on its blockchain. This way, users can offer their storage to Filecoin and earn FIL in return. Another prevalent use case of Filecoin is its data storage capabilities.

The network can store data in a secure and decentralized manner. In addition, Filecoin runs as a marketplace where storage providers offer services at a competitive price. It allows customers to choose from different storage options that cater to their requirements.

As for its cryptocurrency, FIL is currently ranked 32 among the top cryptocurrencies based on market cap. 

Current Market Performance

At the time of writing, the Filecoin token is priced at $3.32, showing 2.58% in the past 24 hours.

The coin is up by 2.98% in the past week, while it has only lost 0.53% value in the past month. However, the coin has lost over 42.38% of its value in the past year. FIL reached its all-time high in April 2021, a few months after its launch. The token hit $237.24 on April 1, meaning its current market price is 98.65% below the peak.

As for its market volume, Filecoin has amassed a value of $52,220,163. Based on volume alone, FIL is ranked 32th among the top cryptocurrencies.

Future Outlook of FIL

Given the popularity of Filecoin, most traders make it a part of their portfolio. Based on expert FIL Price Prediction, it is set to end the year between $2.94 and $7. As for the upcoming years, crypto experts see FIL hitting the $10 mark by 2025. The coin is expected to range between $7.19 to $10.35 in 2025. The experts see FIL to reach $24.91 by 2030, with a minimum price of $20.42 and a maximum price of $29.40.

Wallet Investor has a bleak outlook for FIL as it expects the coin to end in 2023 at $0.39 since it has been trading around the $3 mark for months and is likely to be near it for a few more months. Changelly agrees with the sentiment, estimating Filecoin to range between $3.75 and $5.38 in 2023.

While Digital Coin Price sees FIL maintaining a minimum of $2.94 and a maximum of $8.45 before 2023 ends. 

Key Developments and Milestones

The biggest milestone for Filecoin in 2023 was the launch of its FVM (Filecoin Virtual Machine) mainnet. FVM was launched to help web-scale apps with programmability and storage.

With FVM, Filecoin brought general programmability to its ecosystem. The virtual machine adds the power of verifiable storage and smart contracts. FVM can self-execute a certain behavior after the conditions are met.

As for its market performance, the virtual machine managed to get 10 million FIL deposited in only six months. The machine recorded 2,600 distinct token holders depositing the coins.

Moreover, it engaged 353 Storage Provider Systems in borrowing or leasing FIL. The transactions helped Filecoin’s TVL via FVM reach a whopping $80 million.

Conclusion

Since its launch, Filecoin has maintained its status as one of the most popular cryptocurrencies. The coin ranks 32 among the top cryptocurrencies, with a market cap of $1,499,547,603.

Since the Filecoin Virtual Machine launch, FIL has been generating more transactions. The virtual machine has gathered 10M FIL since its release and is accruing more with time. At the current rate, experts predict FIL to reach the $10 mark by 2025.