Amid the current rebound by most cryptocurrencies like Ethereum Classic, Filecoin (FIL) has become an attractive investment opportunity for most investors, especially since its current price is affordable.
We have produced several other cryptocurrency price predictions, including Cardano price prediction to help investors and traders understand the cryptocurrency market outlook, and here is a price forecast of Filecoin to help traders, as well as investors looking to buy it. Background information will also help you to understand what to expect in the future Filecoin price movements.
Filecoin had a very productive year in 2021. However, 2022 and beyond are set to be better. Projects like Filecoin Energy Dashboard and Filecoin Community Roadmap highlight the progress made in 2021, and proposed developments provide insight into how successful Filecoin will be in the future.
Today’s live Filecoin price today is $5.73 with a 24-hour trading volume of $126,184,856. Filecoin is down 6.39% in the last 24 hours. The current CoinMarketCap ranking is #41, with a live market cap of $1,284,863,332. It has a circulating supply of 224,373,186 FIL coins and the max. supply is not available.
• How To Stake Filecoin?
Filecoin price today and partnerships
Filecoin got into many partnerships in 2021. One such partnership is metaverse. Metaverse is a virtual AI space powered by Web 3.0. They’ve helped build cutting-edge virtual human engines; virtual celebrities buy partnering w/ Gaming, GameFi & #NFT ecosystem projects.
Filecoin Latest Developments
One of the latest developments in Filecoin is Filecoin Plus. Filecoin Plus is a storage platform that can facilitate deals between verified clients. Filecoin Plus introduced a layer of social trust to the network on 02nd June 2022.
One proposed development is Inflow music, released in February 2022. Inflow enables musicians to monetize their songs by sharing them with their fans. This social token platform lets musicians earn WITH the support of their community!
Filecoin (FIL) Overview and market cap
FIL cryptocurrency is the native cryptocurrency of the Filecoin blockchain.
Filecoin (FIL) facilitates data storage, on-exchange token trading, and file retrieval within the Filecoin blockchain ecosystem.
Filecoin does not have a total maximum supply since miners actively add new coins into the market every time.
For example, in the fall of 2020, 3.5 million FIL tokens were released to the Filecoin miners who participated in the so-called “Space Race” testnet phase that intended to increase the capacity of data handled by the Filecoin network by about 325 pebibytes.
What is the Filecoin blockchain?
Filecoin blockchain is an open-source distributed cloud (off-site) storage platform where participants can store important information.
The project was first conceptualized in 2014 as a peer-to-peer file storage network, an Interplanetary File System (IPFS)
The project’s main net was launched in October 2020 after conducting an Initial Coin Offering that raised $205 million in 2017.
The Filecoin blockchain records information sent to it by its participants, and the records can be retrieved in the future but cannot be erased since they become part of the blockchain network.
The blockchain uses the proof-of-spacetime and the proof-of-replication consensus mechanism in validating new blocks. The proof-of-replication helps ensure that the same data is not replicated in the network, while the proof-of-spacetime allows storage of information for a given amount of time.
The Filecoin ecosystem has two types of miners; the retrieval miners and the storage miner.
The retrieval miner nodes in the Filecoin blockchain network compete to serve users (clients) with any requested data as quickly as possible. In a nutshell, they retrieve the stored information and avail it to any person who demands to view the data.
In exchange for retrieving the stored information, the retrieval miners are rewarded with FIL coins as fees. This reward encourages more nodes to want to participate in the mining.
On the other hand, the storage miners provide storage space to users for up to a specific time. Therefore, they are in constant competition to land contracts to offer storage to people needing storage space.
Once a storage miner strikes a deal with a user to offer the storage space, the miner holds the client’s data and seals it. In exchange for providing clients with storage space for their information, the storage miners are rewarded in FIL fees.
The storage miners are the ones responsible for mining new Filecoin blocks. And they, in return, earn block rewards for mining the new blocks.
How does the Filecoin network work?
Unlike centralized cloud storage solutions like Cloudflare or Amazon (companies with central command centers), Filecoin offers decentralized cloud storage. Therefore, data or information stored in the Filecoin blockchain is more easily retrievable and, at the same time, hard to censor.
By being decentralized, Filecoin allows participants to be the custodians of their data, and it is easily accessible to anyone who can access the internet throughout the world.
Who is Filecoin’s founder?
Filecoin network was founded by Juan Benet, an American computer scientist responsible for creating the Interplanetary File System (IPFS).
Benet is also the founder of Protocol Labs, which he founded in 2014.
Filecoin FIL price history
Filecoin (FIL) started trading in 2017 December 2017, a short period after conducting its ICO. The trading started long before the Filecoin mainnet was released.
Between December 2017 and May 2020, FIL traded below $30. Then, starting mid-May, the Filecoin price started rising, and the bull trend continued until 01st April 2021, when it hit its highest price of $237.24.
Filecoin price history and market cap chart by Coin Market Cap
After hitting its all-time high in mid-May 2021, Filecoin took a bearish turn, which continued until mid-July when the market turned bullish again. It is important to note that the Filecoin price remained above its beginning price even during the past bearish trend.
Filecoin price data presented by Coingecko
Filecoin price data presented by CoingeckoGoing by the above table from Coingecko, it is evident that the FIL coin has been on a bearish momentum over the last 30 days despite the mass adoption of Bitcoin and other cryptocurrencies as well. Institutional investors are also attracted to the crypto industry as seen from the significant increase in adoption rate.
Going by the above table from Coingecko, it is evident that the FIL coin has been on a bullish momentum over the last 30 days due to the mass adoption of Bitcoin and other cryptocurrencies. Institutional investors are also attracted to the crypto industry, as seen by the significant increase in the adoption rate.
Filecoin Technical Analysis
Filecoin is down over 80% this year and has been on a steep drop from April. The William Alligator is moving into a sleeping position, suggesting that Fil’s price action is dropping. The MACD histograms show little Fil price momentum on the upside, while the RSI shows no sign of price reversal.
Price Predictions by Industry Influencers
Wallet investors use machine learning and artificial intelligence on historical data to provide the Filecoin price forecast. The AI rates Fil’s past performance B+ and comments that it would make a bad one-year investment. Filecoin will go down by 96% to reach $0.238 in one year. Filecoin value will fall in the next two weeks, dropping to as low as $0.4712 at the end of the period. Filecoin’s return on investment (ROI) in 2024 will be -97.428%; it will drop to -98.0736% in 2025. In 2026 the ROI will be -96.738%, and in 2027, it will be 98.771%.
Trading beasts use linear and polynomial regressions to provide the Fil price forecast. The site indicates that Fil will trade at $7.40056 in July and drop to $7.13090 in December. Filecoin will be bullish in 2023. Its average trading price in January will be $7.23537 and $10.45233 in December. In 2024, the Filecoin average price will rise from $10.78248 in January to $13.81158 in December. In 2025, the Filecoin average price will rise from $14.04587 in January to $16.2119 in December. Filecoin has strong fundamentals that will help it maintain its value in the future.
Filecoin has lost over 80% of its value this year. It will sell at $8.28 and trade sideways for the rest of the year, reaching a maximum value of $8.94 in September. Filecoin will experience a significant increase in its value from 2023. In 2023 its average price will be $8.80. It will register a maximum price of $9.63 and a minimum price of $7.99. In 2025 its average price will be $12.13. It will register a maximum price of $13.39 and a minimum price of $10.34. In 2030 its average price will be $27.59. It will register a maximum price of $28.19 and a minimum price of $26.51.
Filecoin Price Prediction 2022
Filecoin price prediction for 2022 is $10.14. The FIlecoin team recently replaced the Lotus markets process with Boost version 1.0. The Boost update offers 20 times faster transfer speeds, retry paused deals, watch transfer rates, watch deal logs, and many more. FIlecoin will trade higher in the second half of 2022.
Filecoin Price Prediction 2023
Filecoin price prediction for 2023 is $14.73. The filecoin foundation announced a $1M grant to support projects that align to a healthier natural world. These projects will reduce the environmental impact of Filecoin and begin taking effect in 2023. Filecoin refers to this as Regenerative finance. Filecoin will trade between $17.24 and $14.33.
Fil Price Prediction 2024
Filecoin price prediction for 2024 is $21.62. Filecoin protocol labs acknowledge the downfalls of centralized entities. Centralized entities store data away from users and can be compromised by a single failure attack. A decentralized storage network is immune to an attack on a single server. The filecoin forecast price will reach a high of $24.99 and a low of $21.03.
Fil Price Prediction 2025
Filecoin price prediction for 2025 is $.31.11. The blockchain network is robust and censorship-resistant. The feature turns cloud storage into a robust and secure ecosystem. The robustness prevents companies from dictating prices and jurisdictions interfering with the system. Filecoin value will trade between $36.26 and $30.25.
Fil Price Prediction 2026
Filecoin price prediction for 2026 is $44.33. The Filecoin network promotes an open crypto market, storage, and economic model. Anyone can participate and openly earn from the network. The open framework will promote Filecoin’s growth, pushing it to a high price of $52.46 and a low price of $43.09.
Fil Coin’s Price Prediction 2027
Filecoin price prediction for 2027 is $63.17. The Filecoin ecosystem is highly customizable. It allows users to fine-tune the process according to demands. Customizable features include retrieval speed, redundancy, and cost, and centralized platforms dictate these terms. Filecoin will trade between $73.03 and 61.40.
Fil Coin Price Prediction 2028
Filecoin price prediction for 2028 is $90.89. Filecoin has an ever-growing library, which has been enabled by the incentives to create and innovate. The library consists of tools and integrations that enable users to perform myriad activities other than storing data. Filecoin will have continuous growth and will range from $88.37 to $105.87.
Fil Coin Price Prediction 2029
Filecoin price prediction for 2029 is $132.07. The filecoin ecosystem will innovate cryptographic tools that ensure data safety. These include proof of space-time- ensuring the entire file is stored, proof of replication – ensure agreed copies are stored and verifiable action – verifies transactions and make corrections. Filecoin will reach a high price of $153.87 and a low price of $88.37.
Filecoin Fil Price Prediction 2030
Filecoin price prediction for 2030 is $188.18. Filecoin, through its foundation, sponsors the storage of critical public data. These include Wikipedia, OpenStreetMap, OpenAq, gnomAD, and Project Gutenberg. These files will ensure Filecoin remains helpful in the future. The coin’s price will range from $220.19 to $181.58.
Filecoin Fil Price Prediction 2031
Fil price prediction for 2031 is $273.38. Filecoin will break above $300, setting new support and resistance levels. While the technology will be a gamechanger, the platform faces a lot of competition from Sia and Bittorrent. Fil will have to innovate to maintain its edge. Fil will trade between $263.97 and $313.67 during the period.
Filecoin Price Predictions by Industry Influencers
Crypto prince goes through the fundamental analysis of Filecoin.
According to Unison Finance on youtube, now would be the best time to buy Filecoin. They argue that Filecoin price today is a huge discount.
Filecoin is an ecosystem in the blockchain space offering real-world utility. Storage services will play an integral role in the future of Web3.0, and Filecoin is right in the middle of the revolution. The utility will enable FIL to leverage a bullish trend in the future.
Filecoin has shed over 80% of its value this year. The Filecoin price analysis suggests the coin will consolidate in the second half of 2022 and pick upward momentum from 2023. The trend will be possible given we don’t experience negative news on the crypto market.
Filecoin will break above $300, setting new support and resistance levels. While the technology will be a gamechanger, the platform faces a lot of competition from Sia and Bittorrent. Fil will have to innovate to maintain its edge. Fil will trade between $263.97 and $313.67 during the period.
Vary your portfolio but have faith in cryptocurrencies that have utilitarian value. And the golden rule that must never be set aside, be sure you keep all the bases covered for your bare essentials before investing in any coin.