Before examining Filecoin price prediction, let’s take a look at some of Filecoin’s unique features. Today, the Internet is the ultimate king. Worldwide, information exchange takes place on different servers, and information exchange relies solely on the data provided. However, if the data source is not the original of the data is not stored properly, the whole world could be catastrophic.
Filecoin was developed by Protocol Labs, realizing the importance of a network that can be completely trusted for security and storage. This unique platform combines decentralized financial principles and Blockchain to provide users with all the benefits of science and technology by cloud mining mathematical algorithms.
What is Filecoin (FIL)?
FIL cryptocurrencies are the native cryptocurrency of the Filecoin Blockchain. The average price of Filecoin at its current exchange rate is $ 63.76.
Currently, digital coins are ranked 23rd in terms of market value. The value of the digital currency market is $ 6,399,697,344. Its average 24-hour trading volume is currently $ 983,134,565, with a current supply of 94,635,946.00 FIL coins out of a total supply of 94,635,946 FIL coins.
Filecoin (FIL) facilitates data storage, token trading, and file retrieval in the Filecoin Blockchain ecosystem. Filecoin does not have the maximum supply altogether because the miners add new coins to the market every time.
For example, in the fall of 2020, 3.5 million FIL tokens were released to Filecoin cloud miner centers that participated in a so-called “space race” pilot phase, which was intended to increase the capacity of Filecoin network-managed data by about 325 pbytes.
What is Filecoin Blockchain?
Filecoin Blockchain is an open-source distributed cloud storage platform (off-site) where participants can store important information. The project was first conceived in 2014 as a peer-to-peer file storage network, an interplanetary file system (IPFS). The project’s main network was launched in October 2020 after an initial coin offer that raised $ 205 million in 2017.
Filecoin Blockchain records information submitted by participants and can be retrieved in the future, but because it is part of the Blockchain network, it cannot be erased.
Blockchain uses proof-of-spacetime and a proof-of-replication consensus mechanism to validate new blocks. Duplicate proofing helps to ensure that similar data is not duplicated on the network, while proof-of-spacetime allows information to be stored for a certain period of time.
The Filecoin ecosystem has two types of miners. Recovery miners and storage miners. Retrieval nodes compete in the Filecoin blockchain network to provide users (clients) with any requested data as soon as possible. In short, they recover the stored information and make it available to anyone who requests to view the information.
In exchange for retrieving stored information, recovery miners are rewarded with FIL coins. This reward encourages more nodes in the network to participate in the mining.
On the other hand, storage miners provide storage space to users for a certain period of time. Therefore, they are in constant competition to land contracts for people who need storage space.
When a storage miner agrees with a user to provide storage space, the miner retains the customer data and seals it. In return for providing storage space for client information, storage miners charge a FIL fee. Storage miners are responsible for mining new Filecoin blocks. And they receive block rewards in return for mining new blocks.
How does the Filecoin network work?
Unlike centralized cloud storage solutions such as Cloudflare or Amazon (companies with central command centers), Filecoin offers decentralized cloud storage. Therefore, the data or information stored in the Filecoin Blockchain is easily retrievable and at the same time censoring.
By being decentralized, Filecoin allows participants to store their data and is easily accessible to anyone who can access the Internet worldwide.
Who is the founder of Filecoin?
The Filecoin network was founded by Juan Bennett, an American computer scientist responsible for creating the Interplanetary File System (IPFS). Bennett is also the founder of Protocol Labs, which he founded in 2014.
Filecoin FIL Price History
Filecoin (FIL) started trading in December 2017, shortly after completing its ICO. The deal began long before the release of the main Filecoin network.
Between December 2017 and May 2020, the FIL traded below $ 30. Then, from mid-May, the price of Filecoin began to rise, and the upward trend continued until April 1, 2021, reaching its highest price of $ 237.24.
FIL/USD historical price chart
Filecoin (FIL) Market Position
To date, FIL remains one of the top digital assets in the crypto market. Despite the recent market crash, FIL was able to calm down and recover quickly. In fact, the FIL recorded a significant increase of +10%.
In terms of market conditions, Filecoin’s market capitalization is approximately $ 5.5 billion. As a result, crypto ranks among the top 30 cryptocurrencies in CoinGecko. This current crypto price surpasses other cryptocurrencies such as SHIB, CRO, and CAKE.
Today, FIL has a circulation of more than 73 million, compared to its maximum supply of 1.9 billion. Now that you have an idea about the FIL currency code, do you think FIL is a good investment this year? If you’ve been excited about it before, read on.
Filecoin price prediction: Will the coin trend Go Up?
Filecoin (FIL) shows an uptrend for the coming years. According to our Filecoin price prediction, its price will average $ 301.33 in 2021, increase to $ 538.97 in 2022, $ 775.06 in 2023, $ 1130.79 in 2024, and $ 1421.39 by 2025.
Filecoin 2021 price prediction
Like other cryptocurrencies, Filecoin relies heavily on historical data, market volume, and movement. This feature makes the FIL mark more unstable for pattern recognition to make the right investment decision. Experts differ on the price forecast for Filecoin promises in the coming years. So Filecoin’s price change rate makes it very unpredictable. However, it cannot be completely ruled out that FIL may grow steadily over time and that buying Filecoin will be profitable in the long run.
Filecoin 2022 price prediction
Filecoin is expected to reach $ 302 by the beginning of 2022. The maximum price expected to climb is $ 349, and if the FIL token shows a downward trend, it may trade around $ 260.
Filecoin 2023 price prediction
According to Filecoin price prediction for 2023, this token may reach a maximum price of $ 858. And if it fails to record a bullish move, the currency may trade around $ 775, as per support levels calculation.
Filecoin 2024 price prediction
According to Filecoin’s long-term price prediction, the FIL price will reach its highest level and may cross the $ 1,130 mark. On the downside, however, the Filecoin price may trade around $ 890 around its immediate support.
Filecoin 2025 price prediction
Filecoin price prediction and technical analysis have been commonplace for the best professionals. Emotionally vulnerable in the market, another hurdle is the tough competition compared to BTC, ETH, and other giants. While on an optimistic scale, the price of Filecoin may reach $ 1247, which was predicted by the end of 2025, the passive acceptance of institutional investors and individual actors may even push the price up to 1421.39.
The Filecoin team needs to expand its horizons by building more alliances. This can have a great impact and motivation in predicting the price of Filecoin for the coming years 2021 and 2022. Encouraging forecasts of cryptocurrencies for the coming years 2023 and 2025 show that the price of Filecoin is set for an amazing journey with significant growth by 2025.
Long-term Filecoin (FIL) Price Predictions: 2022-2025
Filecoin Price Predictions: Follow Master’s Advice
By the end of 2021, the price of Filecoin should be $ 167.05, and optimism will increase between $ 141.99-208.81 in the next few years.
This is a good time to invest in Filecoin. 2021 may increase it to $ 257.12.
WalletInvestor’s FIL 2021-2022 price prediction
This is a good time to buy Filecoin as it may cross $ 458.22 in the next 5 years!
Digital coin prices
DigitalCoinPrice’s FIL price prediction
The price of Filecoin (FIL) must show great potential and can exceed $ 336 by 2021.
According to Redditors, in the long run, this token may have a lot of fans because it will increase the price of Filecoin (FIL) to $ 250 by 2025.
Should You Invest in Filecoin (FIL)?
According to Walletinvestor.com, FIL is a green coin and Filecoin Filecoin forecast earnings are predicted to increase by 2026, based on the growing need of people around the world to have an online storage space where they can store their information.
Although the current price of Filecoin is still much lower than the price of Bitcoin, which is currently the most valuable cryptocurrency and Bitcoin cloud mining is expanding between investors, Filecoin has shown that it can be a profitable investment in the long run.
Where can you buy Filecoin (FIL)?
Suppose you are looking to buy Filecoin (FIL). In that case, there are several exchanges you can do, including Kraken cryptocurrency exchange, Gemini decentralized cryptocurrency exchange, and Huobi cryptocurrency exchange.
What factors can affect the price of Filecoin (FIL)?
To make the most accurate Filecoin price predictions 2021-2025, and ultimately answer the question ‘is Filecoin a good investment?’ it’s important to understand the different factors that can affect the price of FIL.
- The popularity of the Filecoin protocol
As demand for decentralized financial services such as Filecoin increases, the protocol is likely to begin to expand. The more Filecoin users there are, the more FIL trades occur. This increases the demand for FIL tokens, thus increasing the price of the asset.
- Number of Filecoin tokens in circulation
Another factor that will affect the price of Filecoin in the future is the number of tokens in circulation. The founders of the Filecoin protocol have limited the number of FILs to 2 billion tokens. That may be a lot more than Bitcoin, which is currently limited to 21 million – but like any limited resource, it will eventually start to run low.
As the number of tokens reaches its peak, FIL becomes a very scarce resource. The result is likely to be a price increase, as investors and Filecoin users alike try to buy before it’s too late.
We saw this happen when Filecoin entered the market. The first Filecoin tokens set at $ 1, but the price rose with each subsequent investment. Because part of the FIL allocated to investors was currently limited, people rushed to invest in assets before the price dropped.
That is why the FIL price rose to $ 62.721564 on October 15. The uptrend soon dropped to $ 20 to $ 30, but it shows how investor demand can affect value.
Understanding Filecoin Circulating Supply
With Filecoin forecasting high based on the USD forecast, FIL has excellent prospects for continuing its current uptrend. In addition, the Filecoin Blockchain network has great potential for growth because it aims to solve one of the world’s permanent file storage problems. By offering a decentralized data storage solution, people around the world can easily store their data online without transferring data ownership to a third party. In short, Filecoin participants retain data ownership.
At the same time, the Filecoin price prediction suggests that it could be a good investment opportunity for those looking for a cryptocurrency to invest in. If one buys Filecoin (FIL) today, by the end of 2021, they will be buying Filecoin coins for each package based on the high Filecoin price prediction.
If a person buys 100 five coins at the current average price of $ 63.76 and the above FIL forecast is maintaining, he will have $ 3,700 by the end of 2021.
The beauty of Filecoin is that it is not expensive, which means that anyone, can own a Filecoin coin. Even after 2022, if Filecoin has a high price forecast, the price of Filecoin will still be affordable for many.
Although Filecoin price prediction for the future is promising, it should be borne in mind that the cryptocurrency market is highly volatile. And it has large fluctuations in the cryptocurrency market that occur in a fraction of a second. Therefore, they should seek investment advice before deciding to invest in Filecoin Blockchain technology and its native cryptocurrency, FIL.