Over the past week, the crypto market has been nothing less than spectacular as the overall market registered an increase of over 20%, nearing the once-celebrated target of 1 Trillion. Filecoin was among the many coins during this period that painted investors’ portfolios in green, making them curious about the future of the project.
Today, we will understand what makes Filecoin so special. Its price performance so far and where it could lead in terms of price in the future.
What Is Filecoin?
Filecoin is a decentralized storage network that aims to disrupt traditional, centralized data storage providers like Amazon Web Services and Google Drive. Instead of relying on a single entity, Filecoin utilizes a publicly verifiable, trustless storage system.
Users pay fees to storage miners, or internet-connected computers, for storing their files on the network. These storage miners offer proof of continued storage and users can customize their storage preferences for cost, redundancy, and speed when selecting a miner. Once a user has selected a miner, they can store files and verify the storage by viewing the proofs on the Filecoin blockchain.
Anyone can participate as a storage provider and receive rewards for offering their storage capabilities to others. Once a provider’s computer implements the Filecoin protocol, they gain access to an open market of storage users.
The Filecoin protocol uses proof-of-replication and proof-of-spacetime to ensure data is verifiably stored. This is different from proof-of-work blockchains like Bitcoin. Storage miners are required to put up collateral to enter the Filecoin ecosystem and can be penalized if they fail to prove continued storage of the data.
In addition to this, Filecoin is also utilized by several layer 2 solutions and can host IPFS apps. This unique platform was developed by Protocol Labs to provide users with the privilege of all sorts of science and technology benefits by mining them on mathematical algorithms. A way to ensure the security and storage of data on the internet are fully trusted.
Filecoin Price Action
Filecoin, as a decentralized storage network, was launched in August 2017 by Protocol Labs and Juan Benet. The project was met with great excitement, as it raised over $200 million within just 30 minutes of its launch.
In January 2018, the price of Filecoin (FIL) reached its highest point of $10.30, but it wasn’t until much longer since the price fell to $10.04 by November 2018. The price of FIL tokens stayed quite low from here, reaching only $12.10 by June 2020. However, in 2019, the performance of Filecoin worked in investors’ favor as the FIL price shot up to $19.35.
In 2021, Filecoin reached an all-time high of $237.24, however, it was soon followed by a sharp fall and fell below $50. Soon after, the FIL token managed to regain its momentum and hit $95 but consequently faced correction. At the time of writing, the token is trading at around $4.85 with a market cap of $1.75 billion.
Fliecoin Price Predictions For 2023 & 2025
The price of Filecoin has been volatile, with significant fluctuations in value over the years. It’s important to note that these price predictions are based on past performance and it is important to do your own research and consider your own risk tolerance before investing.
Filecoin Price Predictions For 2023
Predictions by crypto experts states that the average price of FIL is expected to be around $4.66 in January 2023, with a minimum of $4.26 and a maximum of $4.79. However, considering the sudden recent price increase, the FIL token could very well trade above $5 over the next few weeks.
Over the year, Filecoin price could be near $7, while maintaining an average of $6.5. Unless a bull run is expected to propel the price even further.
Filecoin Price Predictions For 2025
Based on the historical data and current market conditions, our analysis predicts that the maximum price of Filecoin (FIL) in 2024 will reach $8.79, with a minimum price of $5.129. Utilizing this information and an average price of Filecoin in 2024, our prediction for 2025 estimates a peak percentage gain of 216.25%.
The highest projected price for Filecoin in 2025 is $16.251, with a minimum price of $5.57. It’s important to note that this prediction is subject to change and should not be taken as a guarantee of future performance.
Filecoin Alternatives With Better Return Opportunities
Although Filecoin is a brilliant token considering its fundamentals, there are still several other coins that turn out to be a better alternative when we consider investment returns. Here are a few tokens worth consideration.
Fight Out is a new crypto project that aims to build real-world gyms with the use of Web3 technology, as it rewards users for their physical workouts by improving their personalized avatar’s statistics. The app will monitor the user’s movements, efforts, nutrition and sleep quality to project them onto the user’s personal avatar.
FightOut aims to use cryptos and NFTs as rewards to motivate users to complete exercises and improve their fitness levels and provide comprehensive resources and guidance. Users can create their own NFT characters within the app, and the attributes of these characters will increase when the user works out in the real world.
The project uses two tokens: FGHT and REPS. FGHT is used to build and develop real-world gyms, while REPS is the token used to reward users. Currently, Fight Out is offering new investors a bonus of up to 50% for purchasing FGHT and a $250,000 giveaway in FGTH tokens. Investors can participate in the presale through the official website, where each FGHT token is available for $0.0166 and the presale has raised over $2 million so far.
Calvaria is a new game-fi project that offers long-term utility and has an innovative approach to Play-to-Earn (P2E) gaming. The game, Duels of Eternity, is a classic battle-card strategy game that appeals to both casual and dedicated gamers and is rendered in full 3D.
The presale for Calvaria exceeded expectations by passing the $2.75 million mark, and its RIA token is set to hit major exchanges. In January, Calvaria will debut on several top cryptocurrency exchanges, including BKEX, Changelly Pro and GotBit. The coin is expected to hit BKEX at an initial price point of $0.0325, which will allow early investors to sit on a minimum of 225% profit. The presale will be live for just over a couple of weeks and therefore, now would be a great time to purchase RIA tokens.
FightOut (FGHT) – Newest Move to Earn Project
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