This content represents the writer’s opinions and research and is not intended to be taken as financial advice. The information presented is general in nature and may not meet the specific needs of any individual or entity. It is not intended to be relied upon as a professional or financial decision-making tool.
FileCoin is a decentralized cloud storage solution for Web 3.0. Its P2P filesharing offering has been dubbed the “Airbnb of cloud storage”. This simultaneously speaks to the promise it holds and the risks inherent in the project. In this overview, we will focus on this underlying value alongside historical pricing data. We hope to present a concise but broad enough view of the price performance of FileCoin so as to enable a better understanding of where FileCoin’s price has been moving and why.
Table of Contents
FileCoin Historical Price Performance
FileCoin (FIL) entered the cryptocurrency markets with its 2017 ICO launch. Following a delay in its launch, FileCoin entered the market with a value of $11.48. In less than a month, it reached $26.03, then $26.88 less than a month later. Since then, its price fell then stagnated remaining at $16.04 or lower all the way to July 2020.
At this point, we must mention that FileCoin was invested in, but not available for trading for this entire period. It was only with the launch of FileCoin Mainnet on the 15th of October, 2020 that public trading was possible.
The news preceding that announcement saw the FIL price rally for the first time in almost 3 years. On July 4th it broke the $20 mark, rising to $20.45 and steadily rose. The launch of FileCoin Mainnet on October 15th saw its price rise to $30.11 followed by 3 days of rapid growth as initial investors and crypto bulls poured in. On the 18th FIL reached $41.96. This event provides us with a good point of reference to analyze FileCoin’s performance on the market.
Following this initial excitement, the price expectedly dropped, for a moment as low as $23.74, but then remained between a low of about $20 and a high of about $30 for most of 2020 and the beginning of 2021.
Another rally took place in March of 2021, followed by another in April which saw FIL reach its historic record (to date) of $183.74. It very briefly peaked at $236. This brief Q2 bull run, with its exponential growth, can be attributed in part to FileCoin’s DeFi utility. Considering that the circulating supply was over 250 million with a USD 24-hour volume of $2.82 billion, this was an impressive feat.
The market correction that followed was predictable, but the $65 that FIL fell to is still impressive. Only in January of 2022 did FIL fall to the previous values it held for the 3 years between its ICO and the launch of FileCoin Mainnet.
Q3 of 2022 was a time of slow but continuous depreciation. The FIL price continued to slowly devalue, with one small rally in March/April 2022, pushing the price back to $25.85 briefly. The rest of 2022 saw FIL reach low prices not seen since before public trading was first made available. Sentiments have remained decidedly bearish right into November 2022.
The extreme lows of FIL prices in recent months have not failed to raise suspicion and pessimism. FileCoin is in the company of the tokens that have fallen over 90% from their all-time high (ATH) prices recently. Coins like DOGE, UNI, and XRP follow only slightly behind.
Going forward, it is important to note that much can change, and low prices provide opportunities for high ROIs. We will go over price predictions for the next few years soon. But to begin, FileCoin is, unlike DOGE and other coins, a project, not a meme or just purely a currency. We highly suggest you read through “Fundamental FileCoin Price Analysis” to understand these patterns better and begin to understand the factors that will determine future price movements and long-term potential.
Filecoin Price Prediction 2023
Outlooks on FIL’s 2023 performance are far more positive. However, even the more bullish predictions we have found place FIL’s maximum price in 2023 well below its ATH in April 2021.
The question most grounded in reality for 2023 is whether or not FIL’s average price will rise above $8.00. By December the average price for 2023 could indeed surpass this figure and go above $10.00.
Technical analyses place the average price (trading value) for 2023 between $6.40 and $8.40. In any case, this would represent a significant ROI for investors entering the later parts of 2022. ROIs would thus exceed 50% perhaps rising as high as 75%.
Most analyses predict an average 2023 FIL price of about $7.30.
Filecoin Price Prediction 2024
Outlooks on FIL’s 2023 performance are far more positive. However, even the more bullish predictions we have found place FIL’s maximum price in 2023 well below its ATH in April 2021.
The question most grounded in reality for 2023 is whether or not FIL’s average price will rise above $8.00. By December the average price for 2023 could indeed surpass this figure and go above $10.00.
Technical analyses place the average price (trading value) for 2023 between $6.40 and $8.40. In any case, this would represent a significant ROI for investors entering the later parts of 2022. ROIs would thus exceed 50% perhaps rising as high as 75%.
For our part, the analysis predicts an average 2023 FIL price of about $7.30.
Filecoin Price Prediction 2025
FileCoin’s long-term outlook is the subject of far more optimism. Analysis of price patterns points to increasing price growth into 2025. The average trading price for 2025 may land between $13.80 and $20.10.
The same price pressures and challenges of previous years should push on into 2025.
Long Term Forecast 2030
Analysis of FileCoin’s long-term growth presents cause for more bullishness. Through 2030, the FIL trading price could average between $35 and $49. Other analyses paint a bullish picture of a maximum price of $98.25.
Fundamental FileCoin Price Analysis
FileCoin is a cryptocurrency and decentralized finance (DeFi) project. As its name partially suggests, FileCoin is a decentralized storage network. Its ultimate aim is to facilitate and incentivize a global network for the sharing and storage of data. Its decentralization also implies that it would not rely on central authorities and thus not face censorship or other forms of interference.
A variety of factors have significant effects on FIL price movements. Project news relevant to the above information is one such factor. Beyond that, the major factors that move FIL include:
- The flow of assets on exchanges
- Broader trends in crypto
- Global economic trends
- Public sentiment
Like Bitcoin, FileCoin has a cap on circulating supply. After 2 billion FIL are in circulation, no more will be produced. This offers the same type of scarcity effect affecting Bitcoin.
Another similarity is the slowing rate of production over time. The production rate of FIL will slow significantly as more of it enters circulation.
FIL tokens are produced differently; they are burned when storage miners have their stakes slashed. In these ways, FileCoin was designed to be deflationary. Theoretically, this should apply upward pressure on the FIL price in the long term. Of course, this relies on FileCoin’s demand remaining stable or, ideally, growing. In the short term, especially for the next few years, these factors are not especially significant.
What this mining process translates into is the fact that miners are essentially paid directly for their computing power, which is used to provide the computation that makes FileCoin work. They are paid to make more storage space available. Users, in return, pay the miners for storage space, but also the retrieval and distribution of the same data. The number of users embracing the concept will play a large part in future FIL price movements.
One factor worth considering is that FileCoin is far from alone in providing essentially the same service. Right now, Storj and SiaCoin provide some of the stiffest competition. Investors would be prudent to keep up with these and other competing projects’ developments and price movements.
Regardless, FileCoin is for now the most anticipated of these crypto projects. From its $205.8 million ICO, one of the largest.
FileCoin Price Prediction: Conclusion
Decentralized cloud storage for Web 3.0 and the historic price patterns of FIL point to a future that is far from certain, but one of sustained growth. Projected ROIs for investors entering in 2023 look good, with some bullish analyses suggesting ROIs possibly exceeding 1,000%. In terms of predicted returns through cryptocurrency investments, this is a moderate figure.
FileCoin contains the inherent value and its Peer-to-peer network’s built-in incentives are now tested and strong. Its value comes in large part from its long-term utility in reliable storage through the next stage of the web. Therefore, prudent investors should keep a close eye on how many people adopt this offering. Furthermore, attention should be paid to some of the up-and-coming projects that offer strong alternatives, such as those listed under our fundamental analysis.
FAQs
Is FileCoin ERC-20?
No, FIL was never an ERC-20 token. FileCoin uses its own blockchain technology to manage its network.
FileCoin (FIL) should not be confused with Wrapped FileCoin (EFIL). The latter is an ERC-20 token and is entirely separate from the context and analyses covered in this article. While they are related, it is beyond the scope of this article to explain the details.
Will FileCoin ever recover?
Yes, a recovery is likely. All analyses (including far more than just our own predictions) point to a scenario where FileCoin recovers to its previous performances and maintains relatively slow but stable growth throughout the next decade.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.
Read More
