Filecoin Price Prediction 2021

What is Filecoin?

The Filecoin network is a decentralized storage system that aims to reduce the dependency on centralized storage systems. The Filecoin storage system is cloud-based and requires the FIL coin to pay miners in exchange for storage spaces.

The Filecoin project was launched in 2014 by Juan Benet, the founder and CEO of Protocol Labs. Since the Filecoin project launch, Protocol Labs has created many other projects like the lib p2p and InterPlanetary File System (IPFS). At its inception, Protocol Labs employed 12 core developers to improve how the internet works by focusing on open source technology.

Instead of using a centralized storage system, the file coin protocol wants to create a decentralized storage system that provides an open market for buying and selling unused storage spaces in the cloud.

Presently, the Filecoin network allows people from any part of the world to buy storage on their network. Similarly, the Filecoin network enables users of its platform to rent out their hard drive storage space to clients in need of it. However, before renting storage spaces, payments must be made for the storage space.

In this system, Clients pay FIL coins for storing, sharing, and retrieving data, while miners earn FIL coins for storing and saving data. To incentivize miners to create more storage power, the Filecoin network selects a miner to create a new storage block. The latest block must be proportional to the miner's current storage capacity. This process provides a potential increase in miners' earnings and increases the Filecoin network's storage capacity.

Miners on the Filecoin network must provide a proof-of-spacetime (PoST) when mining a new block of storage. Any member of the Filecoin network can validate the proof-of-spacetime (PoST) to check if the miner is carrying out the storage responsibilities, i.e., storing outsourced data for the agreed period.

The Filecoin project was mainly written in the GO programming language. However, the base code was written in other programming languages like Javascript, Python, Jupyther Notebook, and Rust.

The Filecoin network is built on the InterPlanetary File System (IPFS). The InterPlanetary File System is a distributed file system that aims at connecting a network of peers. On IPFS, each member of the network holds a portion of the total system files.

The Filecoin leverages the IPFS network's services by providing rewards for people who give out storage spaces to other users. The Filecoin protocol consists of a native token, storage nodes, retrieval nodes, and a blockchain.

On the Filecoin network, the storage nodes represent miners who have agreed to store sealed copies of data. The storage nodes also store records of transactions from the Filecoin blockchain. The retrieval nodes on this network procure and provide files to users. However, retrieval nodes do not provide proof of storage or commit to storing data like the storage nodes.

To become a storage miner on the Filecoin network, miners must agree to the Filecoin mining protocol by agreeing to provide collateral and storage. Similarly, storage miners are expected to abide by the proof-of-spacetime (PoSt). As stated earlier, the proof-of-spacetime (PoSt) allows all Filecoin network members to validate miners' activities by checking if they are fulfilling their storage responsibilities.

However, the Filecoin protocol does not assign a specific auditor to check on this network's miners' activities. Instead, the Filecoin protocol uses a proof-of-replication (PoRep) mechanism to check if miners are meeting up with their storage duties.

The proof-of-replication (PoRep) mechanism requires miners to show evidence that they are meeting their storage capacity. Also, the Filecoin blockchian uses an in-built repair system that identifies faulty storage nodes and retores data on such nodes to more reliable nodes.

In terms of its monetary policy, the Filecoin project pays miners 70% of its revenue in block rewards. Similarly, the team behind the Filecoin project,i.e, Protocol Labs receive 15% of the revenue. Early investors in the genesis block crtion will receive 10%, while the Filecoin Foundation receives 5% of the revenue.

The presale and initial coin offering for the Filecoin project was launched in the fall of 2017 and lasted for one month. During the presale and initial coin offering, 200 million filecoins were sold to early investors.

After the presale and initial coin offering, the Filecoin project raised over $52 million from presale tokens and $205.8 million from the initial coin offerring. At the time of the initial coin offering, there were over 2000 investors in the Filecoin project. Filecoin is listed in many top exchanges like Binance, Kraken, Poloniex, Kucioin, and many others.

Filecoin (FIL) Price Chart

Filecoin was created in 2014 but was listed on the Binance exchange on October 12 2020. After it was listed on the exchange, there was a pump in Filecoin price USD's price with an all-time high of $430. However, there was a significant drop in the Filecoin price USD, with the Filecoin price dropping to $33.

Source: CoinMarketCap

Market Prediction for Filecoin (FIL) Price 2021

The Filecoin (FIL) coin price has seen significant growth in recent times, with a strong bullish pattern emerging on the charts. When this article was written, Filecoin current price is $168.74. Similarly, the FIL coin is ranked 14 on the Coinmarketcap website and is on 92,251 watchlists.

Filecoin has a market cap of $11,071,477,785 and a fully diluted market cap of $333,897,779,053. The FIL coin has a circulating supply of 66,359,718 FIL and a maximum supply worth about 2,000,000,000. The relative strength index of Filecoin at the end of 2020 was above 40.

After its listing on the Binance Exchange, the Filecoin price reached an all-time high of $430. However, after the coin listing, there was a sharp price drop, and the Filecoin current price became $33.

However, In the first quarter of 2021, Filecoin went on a bullish run, with the Filecoin price USD reaching $237. On the trading view chart for the FIL/USD pair, the Filecoin has its support at $151 and resistance at $194.

Filecoin Predictions for 2021

Like every other top coin traded on crypto exchanges, there have been many predictions from investors and crypto experts on Filecoin. Some experts have forecasted a bearish run for the Filecoin price in 2021. However, many other investors expect a bullish run for the coin. These investors also expect a lot of optimistic Filecoin news during 2021. Let sample some of these varying opinions.

AMBCRYPTO Filecoin Predictions for 2021

AMBCRYPTO, a crypto price analysis platform, forecasts a bearish run for Filecoin price USD in 2021. On April 12, 2021, this price analysis site published an article on some altcoins' expected performance for the year 2021.

In its analysis of the FIL coin price, the site used technical tools to predict future falls in the File coin price. The article stated that "the volatility has reduced in the market as highlighted by the Bollinger bands' convergence. Whereas, the signal line and 50 moving average, although under the candlesticks, were noting a possible trend change as they were moving higher".

The article also stated that "the token was also dropping under the equilibrium zone as the relative strength index dropped under 50. The momentum in the market was towards the sellers as the retracement continued". As a result, they see the market turning bearish, and a dip in FIL coin price is imminent

Long Forecast Filecoin (FIL) Price Prediction 2021

Another crypto price analysis platform, Long Forecast, expects an increase in the Filecoin price by the end of the year. In its forecast for the coin, Long Fores cast expects FIL coin's price to reach $175 by the beginning of August 2021.

The maximum price during this period should be around $217, while the minimum price is set at $175. Similarly, the average price for the month is $193. Long Forecast expects a FIL coin price of $203 by the end of the month.

At the beginning of December 2021, the Filecoin price USD is predicted to reach $252. The maximum price is set at $277, while the minimum price is fixed at $241. By the end of the month, the forecast expects a new FileCoin price of $259.

Digitalcoinprice Filecoin (FIL) Price Prediction 2021

Digitalcoin price is a British-based crypto price analysis platform. In its analysis, this platform forecasted a bearish run from April 2021 to August 2021. The Filecoin price is forecasted to drop from $ 269.16 in April to $234 by July 2021.

The forecast then predicts a small bullish run in August 2021, leading to a rise in Filecoin price USD. The forecasted price by the end of August 2021 is $258.66. The analysis concludes by forecasting a bearish run that sees the Filecoin price USD drop in value before rising to 266.71 USD by the end of the year.

Coin Price Filecoin (FIL) Price Prediction 2021

Coin Price, an online crypto analysis site, forecasts a massive bullish run for the Filecoin price in 2021. The site predicts that the Filecoin price will rise to $1,000 by the end of 2021. Similarly, the site's long-term prediction expects the FIL coin price to hit $2,000 by August 2022 and rise to $5,000 by December 2024.

Wallet Investors Filecoin (FIL) Price Prediction

Wallet Investor, a site that offers technical forecasts for cryptocurrencies, made predictions about the Filecoin price in 2020. The forecast expects a bearish run during 2021.

In its prediction expects the FIL price to hit $199 by December 2021. However, Wallet Investor forecasts a long-term bullish run for Filecoin and predicts the FIL price reaching $500 in five years.

Filecoin Predictions for 2021

Considering the uniqueness Filecoin project, we forecast a massive bullish run that will increase the FIL price. Our forecast is informed by the rise in FIL price due to positive Filecoin news in the past.

At the end of 2020, the Filecoin current price was $33. However, with positive Filecoin news about Xinyuan Technology Co's investments into the Filecoin project, Filecoins value rose significantly. Xinyuan Technology Co invested over 580 million yuan or $89m in the Filecoin project. This investment resulted in a bullish run that saw Filecoin current price hit $237 on April 2021.

However, Filecoin is developing partnerships with many top companies in the crypto space. For example, on April 12, 2021, the Filecoin Twitter handle tweeted that the Block Dream Fund, a fund set by the OKEx Exchange, provided a $10 million fund to support Filecoin ecosystem projects.

Investments like this and the completion and deployment of completed projects in the Filecoin ecosystem will surely increase the Filecoin value and the Filecoin price.

Filecoin Price Prediction 2025

Like many other crypto analysis platforms, we foresee an increase in Filecoin price USD by 2025. Currently, there has been a surge in the use and acceptance of cryptocurrencies that offer reliable projects to their users.

The Filecoin project has a reliable project and currently has partnerships with many top companies. The Filecoin project has been receiving funding from its partners to accomplish long-term projects and developmental objects. As a result, we expect much more positive Filecoin news in the future and a resulting increase in Filecoin value.

Crypto analysis platforms like Digitalcoin and Wallet Investor also expect an increase in Filecoin value by 2025. Digitalcoin forecasts that the Filecoin price USD by December 2025 will be $ 535.19 or £388.05.

As stated earlier, Wallet Investor forecast a bullish run that will lead to an increase Filecoin value and predicts FIL price reaching $500 by 2025. This forecast is based on the excellent development team backing the Filecoin project and expects positive Filecoin news in the future.

Verdict on Filecoin Price Prediction

The Filecoin project is gaining popularity among users who want to enjoy a decentralized storage system. Decentralized storage systems are secure and prevent the control or manipulation of data by a central source. As a result, the Filecoin project should see an increase in users in the long term.

Presently, the project has received funding from external sources like the Xinyuan Technology Company and Block Fund owned by the OKEx Exchange. Positive news like these will surely drive up the File coin price USD. Similarly, the launch of new projects from the Filecoin dev team will increase users of Filecoin and a resulting increase in the Filecoin price.

Due to these factors and barring any major negative Filecoin news, we forecast a bullish run for the Filecoin price USD in the long term.

How to Buy Filecoin

Atomic Wallet offers its users a decentralized and secure digital assets wallet. The Atomic Wallet has the capacity to store over 500 crypto assets. similarly, this crypto wallets allows its users to buy a wide range of digital assets with their debit cards.

Currently, Atomic Wallet does not support transactions using the FIlecoin digital currency. However, many other crypto exchanges allows users buy and sell Filecoin. Some of this exchanges include Binance, Kraken, Poloniex, Kucioin, and many others.

How to Exchange Filecoin

Atomic Wallet also allows users to exchange digital assets on its platform. The exchange process is easy, simple and striaghtforward. However, users can only exchange on the digital assets in the Atomic Wallet mobile app.

On the mobile app, users will find lots of exchangeable pairs, with good and affordable exchange rates charged by the wallet. The Atomic Wallet mobile app also allowers users to stake their cryptocurrencies.

Currently, Atomic Wallet does not support transactions using the FIlecoin digital currency. As a result, users can not exchange Filecoin or stake Filecoin in the Atomic Wallet mobile app. All users of Atomic Wallet are urged to keep their wallet information private and safe. They are encouraged to carefully store their mnemonic phrases.

Disclaimer

This article on Filecoin price prediction is purely speculative and should not be considered financial or investment advice. The Cryptocurrencies market is a volatile market that experiences huge fluctuations in prices from time to time. Readers are expected to do careful research before investing funds into cryptocurrencies.