Can FIL prices continue to soar?
How has FIL price been trending recently?
Today, Filecoin is trading at $11.53,
The 24-hour trading volume reached $2.71 billion. Its market capitalization is $6.02 billion and its market dominance is 0.23%. FIL price surged 14.58% in the past day. In the past 30 days. Prices increased by 122%.
Looking back on its journey, Filecoin peaked on April 1, 2021, reaching an all-time high of $236.16. Instead, its lowest point was on December 16, 2022, when it hit an all-time low of $2.54. It has since risen from its lowest point to $11.80, marking its highest price this cycle.
Currently, the sentiment surrounding the Filecoin price prediction is bullish, with the Fear & Greed Index at 84, indicating extreme greed among investors.
From the perspective of supply, the number of FIL tokens currently in circulation is 521.87 million, and the maximum supply is 321.89 million FIL. The annual supply inflation rate is 45.04%, resulting in 162.07 million FIL tokens being created last year.
Why is FIL price rising?
The recent surge in Filecoin (FIL) price can be attributed to BVMnetwork’s strategic integration of Filecoin in partnership with LighthouseWeb3. This integration marks a significant advancement for Bitcoin’s layer 2 solutions, enhancing the security and scalability of transactions processed through BVM.
Leveraging Filecoin’s decentralized storage infrastructure, BVM can efficiently archive transaction records, simplifying the indexing process for Bitcoin developers through the LighthouseWeb3 node aggregator.
This development not only enhances the security and scalability of Bitcoin’s layer 2 solutions, but also enhances the utility and demand for Filecoin’s native token (FIL).
As BVM’s integration with Filecoin gains traction and demonstrates its effectiveness, investors are increasingly optimistic about Filecoin’s future prospects.
Therefore, increased demand for FIL, coupled with its expanding utility in the blockchain ecosystem, is driving upward momentum in Filecoin price.
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