For the larger part of 2023, the cryptocurrency market has been stable. Several significant assets are outperforming traditional assets in terms of resilience, according to the industry. One such cryptocurrency asset that has been trading around the $3 level for some time is Filecoin, or FIL.
The company’s recent introduction of the Filecoin Virtual Machine is a significant factor in its expansion. The platform’s 10M FIL in 6 months demonstrates Filecoin’s dependability. Do you have any doubts that FIL is still moving in the right direction?
Description of Filecoin
In 2017, Filcoin made its debut in the cryptocurrency community. As a decentralised storage network for online marketplaces, it was first introduced.
Additionally, Filecoin and its cryptocurrency, FIL, were launched. Filecoin was developed by Protocol Labs, famed for its InterPlanetary File System, in an effort to address the persistent problem of data storage and retrieval in online marketplaces.
On its blockchain, Filecoin enables users to become storage providers. By doing this, users can provide Filecoin access to their storage and get paid in FIL. The ability of Filecoin to store data is another common application.
The network has decentralised, secure data storage capabilities. Additionally, Filecoin functions as a marketplace where storage providers advertise their services at reasonable rates. Customers can select from a variety of storage choices based on their needs.
FIL is presently ranked 32 among the top cryptocurrencies by market cap in terms of its cryptocurrency.
Present-day Market Activity
The Filecoin token is currently trading at $3.32, a change of 2.58% over the previous day.
The coin has gained 2.98% during the last week while only losing 0.53% over the previous month. The coin’s value has dropped by 42.38% in the last 12 months, nevertheless. A few months after its debut, in April 2021, FIL achieved its peak. The token’s peak market price, which was $237.24 on April 1, is now 98.65% lower.
Filecoin has accumulated a value of $52,220,163 in terms of market volume. FIL is currently rated 32nd among the top cryptocurrencies based just on volume.
Future Prospects for FIL
Most traders include Filecoin in their portfolios because of its popularity. It is predicted by professional FIL Price Prediction that it will conclude the year between $2.94 and $7. Experts in the field of cryptocurrency predict that FIL will reach the $10 threshold by 2025. In 2025, the coin is anticipated to cost $7.19 to $10.35. FIL is expected to cost $24.91 by 2030, with a minimum price of $20.42 and a maximum price of $29.40, according to the experts.
Given that FIL has been trading near the $3 level for months and is probably going to stay there for a few more, Wallet Investor predicts that the coin will end 2023 at $0.39.
Important developments and landmarks
The opening of the FVM (Filecoin Virtual Machine) mainnet was the major accomplishment for Filecoin in 2023. FVM was created to provide storage and programmability support for web-scale projects. FVM gave the ecosystem of Filecoin general programmability. Smart contracts and verifiable storage are added power by the virtual machine. Once the prerequisites are satisfied, FVM can self-execute a certain behaviour.
Regarding market performance, the virtual machine made it possible to deposit 10 million FIL in just six months. The coin deposits were seen by the machine being made by 2,600 different token holders. Additionally, it contracted with 353 Storage Provider Systems to borrow or lease FIL. Through the transactions, Filecoin’s TVL via FVM increased to a staggering $80 million.