Filecoin Price

Filecoin is an open-source protocol and decentralized storage network that provides a service for the storage and retrieval of data. Developed by Protocol Labs, the system is built on top of the InterPlanetary File System (IPFS), a peer-to-peer file-sharing network. In contrast to the centralized cloud storage providers that currently dominate the market, Filecoin offers competitive prices for data storage, increased robustness, and no central point of failure.

Filecoin’s native cryptocurrency, FIL, is used to pay for storage on the network and its price has seen some major changes since it started trading. If you want to know why then you’re in the right place. We’ve compiled everything you need to know about the price of FIL – as well as the factors which influence it.

Filecoin Price History

Although an initial coin offering (ICO) was held back in 2017, FIL didn’t become available for trading until the launch of the Filecoin mainnet on 15 October 2020. FIL traded as high as $150 that day before coming back down to close its first day at $62.54.

After falling to a low of $20.60 the following week, a single-day surge of 50% just a couple of days later took prices as high as $40 before the end of October. Throughout November, FIL was range-bound between $27 and $35.50, and remained in this range for most of December. After a slight decline briefly took prices below $20, FIL ended the year with a value of $24.33.

January 2021 was fairly uneventful, with FIL trading in a tight $20.89 to $26.20 range. This range was maintained for the first week of February before a 60% surge on 9 February took prices above $50 for the first time since October 2020. The rest of the month was spent in consolidation and the rally continued in March.

Filecoin prices increased by around 450% over the course of March 2021, as price growth accelerated exponentially and FIL had almost broken $200 by the end of the month. FIL hit its all-time high the following day on 1 April with a value of $238.20 and a market cap of over $14.8 billion.

Prices consolidated over the next couple of weeks and then a sharp pullback in the second half of April took FIL as low as $130. Things began moving upwards again towards the end of April when FIL reclaimed $149, representing year-to-date gains of 512%.

Analyzing Filecoin Price History

FIL’s price history can be analyzed with many of the same techniques as stock market analysis. Technical analysis (TA) involves using various indicators while studying price charts in order to make sense of previous price movements. With FIL, as with many other tradable assets, large price swings are often accompanied by spikes in trading volume, as a large number of users buy or sell their coins on exchanges.

Fundamental analysis (FA), on the other hand, looks at the finances and activities of a company, as well as the state of the wider market and economy. Filecoin raised a record-breaking $257 million during its ICO and the Filecoin Foundation is composed of industry heavyweights with a lot of relevant experience, both factors that are considered to be good signs for the project’s fundamentals.

Broader market trends have also played a role in FIL’s price history. Its surge in the first quarter of 2021 wasn’t unique – the entire crypto market pumped around this time. Bitcoin was in the midst of a major bull run then, and with such strong market dominance, any significant price movement for Bitcoin often impacts other cryptocurrencies.

The pullback in April 2021 was also common across other cryptocurrencies and markets and was believed to be influenced by the US government’s proposal at that time to significantly increase long-term capital gains taxes.

The overall price trend of FIL tends to follow what’s known as a boom-and-bust cycle. This is a pattern in which a period of growing excitement leads to a surge in price before doubt and disillusionment set in and result in a crash.

Factors Influencing The Price of Filecoin (FIL)

A variety of different things can affect the price of FIL, including project news and developments, the flow of assets on exchanges, public sentiment, and emerging trends in the wider cryptocurrency and global economies.

Filecoin has a capped max supply of 2 billion FIL, making it a scarce asset like Bitcoin. The emission rate of FIL tokens is designed to decrease significantly as the network grows, and as FIL tokens are burned when storage miners have their stake slashed, the cryptocurrency is deflationary. This could apply upward pressure to the price of FIL in the long-term as long as demand stays stable or grows.

As with many cryptocurrencies, demand for FIL has a major effect on its price. One source of FIL demand is people wanting to become storage miners. Storage providers earn block rewards and transaction fees, and as they must stake FIL as collateral in order to participate in the network, this could cause more people to buy FIL in order to earn storage miner rewards.

As FIL is required to pay for both the storage and retrieval of data, there will also be demand from those wanting to use the network. The Filecoin ecosystem has been growing exponentially and has incorporated over 220 new projects and more than 120 organizations, all actively building on the network. The price of FIL is likely to increase in line with the adoption of the network, and by the time all FIL has been minted, Filecoin should have a storage capacity of 1 yottabyte (1 trillion terabytes).

Live Filecoin Value and Market Cap

The live price of FIL varies from moment to moment as it’s dictated by the balance of buyers and sellers on exchanges, which is in constant flux. 

Given FIL’s volatility, its live price can change by a large amount in a very short space of time. The market cap of Filecoin is equal to the price of FIL multiplied by the number of FIL in circulation.

Filecoin Price FAQ

What is the highest Filecoin price in EUR?

Filecoin price history shows that FIL has recorded a peak value of EUR.

What is the lowest Filecoin price in EUR?

FIL price history shows that EUR EUR is the lowest recorded Filecoin value.

How can I buy Filecoin?

You can purchase Filecoin and over 290 different cryptocurrencies in seconds with Kriptomat, learn more about how to buy Filecoin. It’s available for immediate purchase at the current FIL price quote of EUR. Current prices are always displayed in the FIL chart.

What is the current Filecoin price in EUR?

Kriptomat data confirms that the current Filecoin price is EUR.

How is the price of FIL calculated?

FIL’s price at any given time is decided by the balance of supply and demand on exchanges. When more people are buying FIL than selling it, the price goes up, and when more are selling than buying, the price goes down.

Why is the price of FIL different on different cryptocurrency exchanges?

FIL’s price is based purely on trading as there is no standard global FIL price, so no one knows what it is “supposed” to cost. The trading volume and liquidity are different for each exchange and those differences are what affect the price.

What will FIL be worth in the future?

It’s impossible to make price predictions with any kind of absolute certainty, as a whole host of different factors could play a role in determining the future value of Filecoin. However, the price of FIL will likely be correlated with network adoption, so future Filecoin integrations and ecosystem expansion could have a positive effect on FIL’s price.

Conclusion

The price of FIL has changed significantly, having gone from being worth less than $20 to reaching its all-time high of almost $240. Its price history hasn’t been smooth, however, as FIL’s volatility has led to both surges and crashes along the way.

Many different factors have played a role in determining the price of FIL, including staking demand from storage miners, the expansion of the Filecoin ecosystem, and trends in the rest of the crypto market and wider economy. Its current valuation is derived from the balance of supply and demand in the markets and constantly changes.

If you want to get started with the most user-friendly trading experience on the market, register with Kriptomat today to begin your journey into the world of Filecoin and cryptocurrencies!