Fintech

Has Filecoin peaked?

Filecoin peaked

Published on June 11th, 2021

Filecoin is a cryptocurrency that aims at decentralizing storage and making it more affordable. It runs on the Interplanetary File Storage protocol to distribute file storage across the web permanently.

This decentralized storage network is not owned by anyone like the centralized cloud storage solutions that store data in servers owned by companies such as Google Cloud, AWS, or Dropbox.

Customers and node operators pay and get paid for the storage, respectively, using Filecoin crypto-currency. Since its ICO, this storage coin has peaked to higher heights.

It is currently ranked no.18 in terms of market cap. Besides, it recently integrated with chainlink, which saw prices skyrocket nearly 70%

Filecoin Uptrend Nears Exhaustion After 70% Advance

In the cryptocurrency world, a massive gain is often followed by an instant correction. Filecoin is not an exemption; the momentum reversal indicator shows that the uptrend is nearly exhausting. The uptrend has faded to $166, which is 30% less than the all-time high of $ 236.84

Reverse correction is a good indicator that Filecoin is getting strong by building a firm base. Besides, this opens doors to new investors that believe in decentralized file storage.

The future of Filecoin

The future of Filecoin seems to be bright. It caught many people by surprise when the prices soared by more than 650% in February.

Although the price has reversed to a resistance point of from $135 to $200, Filecoin could break out soon. Another indicator showing that the future of Filecoin is bright is the problem that it is solving.

Before people invest in a coin, they study the whitepaper to see whether the cryptocurrency is solving a real-world problem. However, this should be a consideration only if you’re planning to hold the coin for long-term gains.

What are NFT and IPFS

NFT is the abbreviation of Non-Fungible Token. It became a sensation when news of a tech company that bought a $95,000 piece of digital art hit the mainstream.

Think of NFT as proof of ownership of something that you cannot hold in your hand. For example, a non-fungible token can be a video clip, digital art, or a digital coupon.

The NFT is shared and protected on the Blockchain. Prices for Non-fungible tokens vary depending on the piece of digital art and the hype.

IFPS stands for Inter planetary File System. It is a peer-to-peer network protocol for sharing and storing data in a blockchain. Each file has a unique address for identification purposes in the connected computing devices.

IFPS is decentralized, and it aims at replacing static webpage protocols. Several cryptocurrencies such as Ravencoin have embraced IFPS.

If the current price of RVN were to be maintained, then the storage will be $5 for 10GB, $3 for 5GB, $0.65 for 1GB, and $0.20 100MB.

Where to buy? (ZB)

If you’re looking for the best place to purchase Filecoin (FIL), ZB might be your best option. It has been a leading cryptocurrency platform since 2013. Besides, it has seen a steady growth of active traders to 10M+ and $160B+ traded since its inception.

ZB supports 10x Margin Trading and Crypto Loan for FIL/QC and FIL/USDT. You will get to enjoy low interests of 0.01% percent on crypto loans per day.

In addition, the ZB platform uses multiple protection to secure all digital assets. So you are guaranteed that your cryptocurrencies will be safe with ZB.

This cryptocurrency trading platform was originally launched in China, but it operates internationally with its new Headquarters in Zurich