What is FIL?
Filecoin is a decentralized platform that was created for owners of computers and laptops, which allows earning digital currencies by providing a free space on your hard drive. RoRep protocols, as well as IPFS, are used for the work. The task of the first one is to prove the fact that during a certain period the user will have a sufficient amount of space, and the purpose of the second one is to eliminate the difficulties with storing a large number of copies of the same information.
Unlike other similar projects, Filecoin gives everyone the opportunity to store their own data. This simultaneously develops the Internet and makes it more obtainable. Having a storage reward encourages members to work with integrity and provide as much space as possible for the users who need it.
Historical Price Analysis of FIL
Launching was originally planned for mid-2019. However, the launching date for the Filecoin mainnet has been pushed back to block 148,888 on October 15, 2020. At that time the price of the FIL token was $60, then it increased to $140. In particular, in April 2021, the digital asset was able to fix the all-time high (ATH) at $237.24. Such productivity of the cryptocurrency draws the investors` eye from all over the world. In July 2021, due to the general negative state of the crypto market, the rate fell down and returned to its original mark. Today Filecoin rate equals $74.37 and the coin holds 23rd place in the ranking of cryptocurrencies demonstrating a market cap of $8,286,161,238.
Factors that Influence the prices of FIL
Let’s highlight the main reasons for investors` interest in the project and the factors that impact the FIL rate. Dynamic project development. In November, Filecoin partnered with Anchorage, Tokensoft and CMS Holdings to launch a Wrapped Filecoin (wFIL) wrapped token that brings FIL to the Ethereum blockchain. Simultaneously, since its launching, Filecoin’s storage power has grown exponentially and in February it exceeded 2.5 exabytes, which is 2.5 billion gigabytes. In March 24, the Filecoin team also integrated the Chainlink decentralized oracle into the network and declared a partnership with the Livepeer decentralized video streaming network.
Establishment of Grayscale Trust. In March, Grayscale, the largest crypto asset management company, launched an investment fund in the form of a Filecoin trust, open only to accredited investors. To date, it houses the FIL worth $8.2 million.
Reducing emissions. On April 15, the Filecoin team reduced the daily emission of new coins by 40%. This was due to the fact that the half-year blocking of the FIL coins transferred to the original investors during the SAFT (Simple Agreement for Future Tokens, or simple agreement on future tokens) ended. As claimed by SAFT, investors receive coins for the project some time after its launch. Therefore, in order to prevent an oversupply of coins on the market, the FIL emission was reduced in mid-April. And this could provoke an increased demand for coins.
Short-Term FIL Price Prediction
Filecoin rate at the moment is $74.37. Over the past 7 days the coin value has jumped by 6.27%. The cost of the cryptocurrency decreased by 4.42% in 24 hours. The FIL trading volume per day (24 hours) on the exchanges amounted to $981,900,537. CoinAbitrageBot’s forewarning system foresees that Filecoin could be around $76.0601 as its closing rate. The FIL price foretells a bearish impetus in the coming days.
FIL Price Prediction for the Next Three Months
Based on the growth model and forecasts, the asset can reach its maximum of $190 by the end of 2021. With medium buy and sell pressure, altcoin can end up this year at the mean of $115. The markdown price can drop to $48. Based on historical details on Filecoin price, CoinAbitragebot predicts that Filecoin price can be $99.7127 at the end of 2021.
FIL price prediction for 2021
The bullish Filecoin price prediction 2021 equals $156. Due to Digital Coin, the medium FIL price in 2021 will be $114.51. Online forewarning service Wallet Investor expects the price to rise to $105 by the end of 2021.
Long-Term FIL Price Predictions
As stated by Price Prediction Technical Analysis Filecoin value is expected to cross the average price level of $2,253.45 in 2030 with its most knee-high level of $2,190.81. Trading Beast believes that the growth of FIL coin will continue in the coming years. As reported in its estimates, by the end of 2024 FIL exchange rate will be $160.90. CoinArbitragebot calculates the estimation for the Filecoin rate and by the end of 2024 finds the price of $464.601 per Filecoin.
FIL price prediction 2022
Based on the estimates of Digital Coin, FIL price will jump to $130 in 2022. Price Prediction forecasts that the Filecoin rate will hit a low of $119.22 and a high of $141.33 in 2022. Trading Beasts estimates the coin will be worth $111.81 by the end of 2022.
FIL price prediction 2025
Digital Coin is optimistic on the Filecoin price prediction 2025 and expects the cost to grow to $222 in 2025. Price Prediction believes that FIL rate will reach the most low-priced possible level of $336.95 and the highest one of $424.15 in 2025. Wallet Investor predicts that the price will rise from $177 to $390 between 2022 and 2025. Given the upcoming partnerships and developments, reaching the 400 level is quite optimistic and achievable in the near future.
How to Buy FIL?
Today Filecoin is available on many exchanges offering purchases with USD or USDT, BTC, ETH and other coins. The first currency trading began on July 19, 2017, to date, FileCoin is traded on 38 exchanges, including Huobi Global, OKEx, Hoo.com and others. The main trading volume is in pairs with the US dollar and Tether [USDT]. On some platforms, instant purchase of Filecoin with fiat is possible. On other platforms, you will need to place a trade order to purchase it. Tokens are also present on centralized trading platforms such as Godex exchange service.
What is the Future of FIL?
At present, the crypto addicts come to the common assumption that Filecoin has not yet fully revealed its capability and the coin still has room to grow. But the progress is already visible (extended storage capacity, regular system updates, acquiring new partners, developing applications, programs using IPFS).
Should I invest in FIL?
In line with some experts` opinions, by 2022, we may expect the FIL cost to boom $700-$800 per token, so investing in digital assets looks very attractive. But not everyone agrees with this idea. Some pessimistic prognostications state that the rate will fall soon. As for the long-term prognosis, it is much more complicated. Hypothetically, Filecoin value can boom to $2-$3 thousand, but a lot depends on market sentiment and the popularity of the project.
Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.