Filecoin (FIL) is an asset residing on a decentralized storage network based on the Interplanetary File Storage (IPFS) protocol, Filecoin. On 3 May 2022, the price of Filecoin dropped by 43% since hitting an all-time high (ATH) last April.
If you are curious about Filecoin’s native token, (FIL)’s, newest updates, and experts’ FIL price predictions from 2022 to the next few years, you’ve found the right article.
Decentralized storage network: The concept of storing files online by splitting them into encrypted fragments and delegating these fragments to multiple nodes on a distributed network.
What is Filecoin (FIL)?
The Filecoin Initial Coin Offering (ICO) was held in 2017 but it was not traded until the Filecoin mainnet was launched on 15 Oct 2020. At the time, FIL was traded for US$ 150.
Mainnet: The end product of a blockchain project which is available for public use
FIL’s price soon fell to the lowest level at US$ 20.60 before a 50% spike surprisingly happened only a few days later, bringing the token’s price to US$ 40.
During November and December 2020, FIL’s value was in the range of US$ 27 and US$ 35.50 but then shortly dropped below US$ 20. Finally, FIL ended 2020 with a value of US$ 24.33.
In January 2021, FIL’s price remained within US$ 20.89 and US$ 26.20, which lasted through the first week of February before finally surging significantly by 60% percent on 9 Feb 2021. For the first time since October 2020, the FIL price was above US$ 50.
The glory continued in the following month, Filecoin prices shockingly increased by about 450% during March 2021. This was said to be due to the exponentially increasing price growth and FIL almost breaking through US$ 200 by the end of the month.
This growth continued and FIL finally hit an all-time high (ATH) on 1 Apr 2021 with a value of US$ 238.20 and a market capitalization of more than US$ 14.8 billion. Prices then consolidated over the next few weeks.
Then a sharp pullback happened in the second half of April 2021, bringing the FIL price down to US$ 130. But then at the end of the same month, Filecoin’s value started moving upwards again and hit US$ 149, representing a year-to-date gain of 512%.
Filecoin Price Prediction 2022-2024 – according to experts
The value of Filecoin eroded in the early weeks of May 2022, falling by 18% in a massive sell-off. If you are curious, we’ve compiled Filecoin price predictions for 2022 and for the next few years according to experts below.
- Cryptocurrency data site DigitalCoin predicts FIL’s price will be bullish in the coming years. It is estimated that the FIL price will be at US$ 19.4 in 2022, then increase to US$ 22 in 2023 and US$ 48 in 2028. In the long term, the FIL projection could reach an average of US$ 69 by 2030.
- On the contrary, WalletInvestors are less optimistic in their FIL price predictions. The source said the price may drop to US$ 0.18 in the next five years.
- CoinPriceForecast reckons the FIL price will rise from US$ 24 by the end of 2022 to US$ 39 by the end of 2025 and hit US$ 54 by the end of 2030.
Also, read other crypto asset predictions:
- Binance Coin (BNB) Price Prediction in 2022 According to Experts
- Solana Price Prediction (SOL) in 2022
- What’s The Sandbox Price Prediction in 2022?
Is it Too Late to Buy Filecoin (FIL) in 2022?
Having come a long way since its launch in 2020, Filecoin (FIL) is still said to be a worthwhile investment in 2022, and it is not too late for you to do so.
Quoting from the official site Filecoin.io, the network has surpassed the combined storage capacity of 14+ EiB with the help of 3,600+ storage providers from all over the world. On top of that, there are more than 400 new applications built by a community of 7,000 Filecoin developers. Despite the correction, experts still foresee significant growth in the price of Filecoin (FIL) in the following years.
EiB: A unit of digital information storage used to denote the size of data. It is equivalent to 260, or 1,152,921,504,606,846,976, bytes and equal to 1,024 pebibytes.
While reviewing Filecoin price predictions for 2022 to the next few years, it is important to keep in mind that the cryptocurrency market is highly volatile. Thus, it is difficult to accurately predict how much a coin will cost in a few hours, and even more difficult to predict in the long term.
The analysis of the experts may be inaccurate or incorrect, therefore we always recommend doing research, taking into account the latest market trends, and conducting technical and fundamental analysis before making any investment decisions.
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Disclaimer: The information provided in this article is not intended to provide investment or financial advice. Investment decisions should be based on the individual’s financial needs, objectives, and risk profile. We encourage readers to understand the assets and risks before making any investment entirely.
