Filecoin (FIL) Is Bullish, Soon Above $150?

Filecoin (FIL) is bullish. The coin that aims to store data in a decentralized manner increased by above 24% over the last 24 hours.

Filecoin (FIL) Is Bullish, Soon Above $150?
Filecoin (FIL) | Image: Optimisus

Filecoin's surge comes amid the Bitcoin breakout and also other altcoins like Ether, Cardano, Solana, and more. What is more, FIL began to grow on Tuesday, and then it jumped to $77 on Friday before skyrocketing on Saturday, rising to $84.

However, the price stayed steady until Saturday, when Filecoin rose to $89. The blockchain-based cooperative digital storage and data retrieval method has persisted since, bringing FIL to $95. Moreover, it surged above $117, going towards $150.

In March, Filecoin topped at $191, reaching its all-time high at that time. The open protocol backed by a blockchain that records commitments made by the network’s participants didn't last long as in May the crypto market crackdown started.

At the time of writing, Filecoin (FIL) is trading at $116.63 with a 24-hour volume of $4,233,521,288 on CoinMarketCap. FIL increased from $93 to over $119 in the past 24 hours.

The project is made by Protocol Labs and it is built on top of the InterPlanetary File System. Besides, Filecoin allows people to be their own custodians of their data. Plus, it makes the web more available to people around the world.

In 2017, the project raised $205 million in an initial coin offering (ICO) and planned the launch date for mid-2019. However, the launch date for the mainnet was postponed until block 148,888, which was in October 2020.

The project was first defined back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network.