This year has been a tough sail for Filecoin since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of FIL.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Filecoin to reclaim its all-time high in 2023? Continue with the article to learn about Filecoin price analysis and prediction by Coinpaper.
Read also: Filecoin Foundation to speed up data transfer in space with IPFS
What is Filecoin?
Filecoin is a blockchain-based decentralized data storage marketplace that aims to “store humanity’s most important information.” The project itself serves as an incentive layer for the Interplanetary File System (IPFS), a p2p data transfer protocol where users pay for storage space and distribution services in FIL, the protocol’s native token. Filecoin is open-source and decentralized, which means that anyone can purchase idle storage or provide space for someone else's data in exchange for FIL rewards.
Filecoin (FIL) price
Currently, Filecoin Price is USD. FIL has a circulating supply of coins and a total supply of . If you are looking to buy or sell Filecoin, Binance is currently the most active exchange.
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Filecoin price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Filecoin 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Filecoin price at $10.17 to $18.9. On the flip side, a fading interest in the new meme coin may push the price of Filecoin to $4.3-$3.2 lows.
Filecoin price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Filecoin (FIL) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Filecoin to climb as high as $27.14, with the more distant prospect of reaching $31.68 in 2024. The bearish scenario is likely to see Filecoin (FIL) trading between $13.93 and $9.05 in 2024.
Filecoin price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Filecoin (FIL) price analysis and prediction is based on pure speculation and observation of Filecoin historical price movements.
Our Filecoin 2025 price forecast expects FIL to rally towards $43.98 and reach $49.19 by the end of the year. The bearish scenario would see Filecoin at $31.23 to $25.9.
Filecoin (FIL) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Filecoin is neutral. In 2026, we expect Filecoin to reach at least $58.03 before climbing higher to $74.28. In case of a bearish scenario, Filecoin may fall to $34.98.
Is Filecoin (FIL) a good investment?
Filecoin’s well-thought roadmap and solid use case may render it an attractive investment opportunity for investors seeking to diversify their altcoin holdings. However, whether FIL is a good addition for your portfolio purely depends on your risk tolerance and asset allocation, so make sure to do your own research before investing in any token.
Bottom line
Are you ready to invest in Filecoin? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy FIL from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Filecoin?
Filecoin was created by Juan Benet, an American computer scientist who also created a peer-to-peer data sharing protocol dubbed Interplanetary File System.
What was the all-time high for Filecoin (FIL) ?
The all-time high price of Filecoin is $ on 2021-04-01
