Filecoin Price Prediction: Can FIL Coin Reach $100?

August 13, 2024

Price Prediction

Sean Korbett

Filecoin (FIL) was developed as a decentralized alternative to traditional cloud storage providers. In essence, it’s a decentralized peer-to-peer network for data storage built on the InterPlanetary File System (IPFS) protocol. Will its native coin, FIL, rise in price, considering the development of the cloud storage and crypto fields? Discover the Filecoin price prediction in StealthEX’s latest article.

Filecoin (FIL) Overview

As a decentralized storage provider, Filecoin employs blockchain technology to allow users to buy and sell unneeded storage space across a global network of computers. Filecoin, which is based on the InterPlanetary File System (IPFS), combines the distributed structure of IPFS with an extra layer of financial incentives to guarantee that data is not just stored but also stored consistently over time. This is a big change from traditional cloud storage options, which usually depend on centralized data centers run by one organization, such as a government agency or a corporation. In addition to creating potential points of failure, this kind of centralization creates questions about data sovereignty, privacy, and the risks of censorship.

After a storage agreement is reached, the storage provider has to show the network on a regular basis that the client’s data is being stored correctly. This is achieved through two key cryptographic proofs: Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt). While PoSt confirms that the data has been held for a predetermined amount of time, PoRep makes sure that the storage provider has actually reproduced the client’s data. Because clients may feel secure knowing that their data is securely maintained across the network, these proofs not only protect the network against fraudulent behavior but also foster confidence among its members.

Juan Benet, a computer scientist and engineer, is in charge of Protocol Labs, which launched the Filecoin mainnet in October 2020. Filecoin, which was first discussed in a white paper published by Protocol Labs, developed its native currency FIL and raised $250 million in an initial coin offering (ICO) in 2017, enabling the development team to get closer to achieving its goals. Since Filecoin launched its mainnet in October 2020, the FIL token has been listed on a variety of popular exchange platforms. In fact, the Filecoin mainnet has become one of the most popular and extensively used decentralized storage systems.

Filecoin Features

Filecoin offers a number of features within the crypto space:

1. Designed for storage providers and users. Filecoin users pay the network to have their data saved on computers called storage miners, which are devices that store files and show over time that they have been stored correctly. If someone wants to save their files or get paid to store the data of others, they can sign up for Filecoin.
2. Scale. Bringing millions of computers around the world together will create a huge storage network.
3. An NFT storage platform. Filecoin’s capacity to store the underlying digital assets makes it stand out among its competitors.
4. Reliable storage. Because storage is paid for, Filecoin offers a sound economic justification for data to remain accessible over time. Reliable computers with strong internet connections are used to store files. 
5. Safety. A decentralized network means there is no single point of attack, making it harder to compromise.
6. Storage with verifiable content. Procedures for reviewing file history and making sure files have been kept correctly over time are integrated into Filecoin. All storage providers show that they update their files once every twenty-four hours.
7. A solitary protocol. Any miner that adheres to the same protocol can store data used by Filecoin applications. You don’t need to create a unique API for every provider. Applications that wish to support various providers are not limited to the features supported by their providers that have the lowest common denominator.
8. Resilience to censorship. Filecoin resists censorship since no central provider can be made to remove files or stop providing service.
9. Open-source code. Open-source code powers the operations of both storage providers and clients. Storage providers don’t need to develop their own infrastructure management software, and everyone benefits from Filecoin’s code improvements.
10. Addressing the content. Filecoin allows anyone who wants to download the file to do so when several users store the same file and make it publicly available without encrypting it. Regardless, users may verify that they have the right file and that it is unharmed.

Filecoin (FIL) Price Chart    

CoinMarketCap, August 13, 2024

FIL Coin Price History Highlights 

• 2017: In 2017, FIL’s price reached $25.
• 2018: In 2018, Filecoin rallied to the highest price of $10.2 in the year. 
• 2019: Filecoin (FIL) did not make any significant rise in value throughout the year, fluctuating from $2 to nearly $7.
• 2020: In May 2020, the average price of FIL was around $12.5. It was during this period that the trading of FIL got low.
• 2021: Filecoin increased by a whopping 209.82% to reach a high price of $190.84 in early 2021.
• 2022: The FIL price started 2022 with a tag of $34.200 but due to a series of fallouts and a market crash, the price concluded the year with an average trading price of $3.023. Filecoin’s lowest price was recorded on December 16, 2022 when it was trading at its all-time low of $ 2.54. 
• 2023: In 2023, the price of Filecoin fluctuates in the price range between $2 to $5.3.
• 2024: During the bullish market in March, Filecoin reached $11.47. At the moment, its price fluctuates between $3 and $4, going up and down.

Filecoin Price Prediction: 2024, 2025, 2030-2040

Filecoin Price Prediction 2024

DigitalCoinPrice experts expect that in 2024 FIL coin’s price can go as high as $8.23 (+119%), while at its lowest point it can drop to $3.33 (-11%).

PricePrediction crypto analysts believe that in 2024 FIL coin will rise: it’s expected to cost $4.38 (+16%) at its low, while at its maximum FIL will rise to $4.76 (+26%).

Telegaon crypto experts anticipate that the minimum lowest price FIL can hit in 2024 is $6.24 (+66%) vs its maximum price of $9.45 (+152%).

Filecoin Price Prediction 2025

According to DigitalCoinPrice, Filecoin will continue rising in price. Based on the experts’ forecasts, in 2025, FIL might go as high as $9.67 (+157%) per coin at its peak. Its minimum price can lower to $8.03 (+114%).

Based on the experts’ forecasts at PricePrediction, in 2025, FIL crypto will continue rising in price: $6.26 (+66%) at its lowest point and $7.59 (+102%) at its peak.

Telegaon experts predict that in 2025 FIL might go as low as $11.48 (+206%), while at its maximum it can reach $18.75 (+400%).

Filecoin Price Prediction 2030

According to DigitalCoinPrice, in 2030 FIL coin will drop to its lowest price of $25.29 (+574%), while at its peak it might reach $28.02 (+647%).

PricePrediction analysts believe that by 2030, FIL coin will rise to a maximum level of $52.31 (+1,294%), while its minimum price will drop to $46.56 (+1,141%).

Analysts at Telegaon think that by 2030, Filecoin is going to reach $114.29 (+2,947%) at its peak and might trade at a minimum of $93.51 (+2,393%).

Filecoin Price Prediction 2040

According to PricePrediction forecasts, in 2040 FIL will reach hit decent price levels: its minimum price is expected to be $2,598 (+69,180%), while its maximum price is going to soar to $3,186 (+84,860%).

When it comes to long-term predictions, Telegaon experts believe that in 2040 FIL crypto is going to drop to $207.72 (+5,439%) at its lowest point or it can go to an all-time high of $235.94 (+6,191%).

Filecoin Price Prediction: What Do Experts Say?

Filecoin offers a high degree of decentralization, with over 200,000 nodes actively supporting the IPFS network. Moreover, the data storage marketplace on Filecoin is experiencing a massive expansion in Total Active Deals, with over 650,000 new storage contracts being minted as of 2024. Since the start of 2021, the Filecoin ecosystem has grown from 40 projects to over 330, with use cases ranging from NFTs, gaming, the metaverse, audio/video, and Web3. Filecoin always develops and adjusts to new technology in order to remain competitive in the quick-paced cryptocurrency market.

Considering how popular Filecoin is and its position on the market, analysts at CoinEagle via CoinMarketCap believe that in 2030, Filecoin could see a top-end price of $370.

FIL USDT Price Technical Analysis     

Tradingview, August 13, 2024

Now that we’ve seen possible price predictions for FIL, let’s find out a bit more about the factors that can influence its price.

What Does the Filecoin Price Depend On?

Just like in the case with other crypto assets, various factors affect the FIL’s price, including demand and supply, market sentiment, adoption, technology development, and government regulations. 

Like any other cryptocurrency asset, supply and demand are the primary factors affecting its price. Economics is the source of the law of supply and demand. The amount of FIL that investors are willing to purchase is determined by supply, and the amount that is currently in circulation is determined by demand. The law of supply and demand states that an asset’s price decreases when supply exceeds demand. Conversely, the asset’s price rises when supply cannot keep up with demand.

The price of FIL is also significantly influenced by market sentiment. This explains how traders and the general public view the possibility or effectiveness of FIL. Major events, social media excitement, and news can all influence public opinion towards FIL. The supply and demand of FIL can be impacted by market mood, which in turn can impact pricing.

Partnerships are also important. The project has effectively partnered with prominent industry participants such as Chainlink and Textile, enabling it to take advantage of their distinctive services and products to improve its ecosystem.

When assessing FIL as an investment, keep the following considerations in mind:

• Data storage and retrieval efficiency;
• Supply and demand;
• Partnerships;
• Performance;
• Competition;
• Adoption;
• Social media activity;
• Market sentiment;
• Technological advancements.

Risks and Opportunities

The project has a healthy, active number of developers across the network, IPFS, and affiliated projects. Development activity has remained steady through the 2022 bear market and into 2024. Filecoin remains a popular solution for developers. However, a combination of high computational costs and poor FIL token performance has damaged the revenues (and overall profitability) of storage providers/miners on Filecoin.

It’s also crucial to remember that cryptocurrencies are exceptionally volatile and require careful research and consideration. To fully understand the potential of an investment, it’s vital to consider all the factors that can influence its price in the future.

Is Filecoin a Good Investment?

It may be. This cryptocurrency has been one of the top projects in the field of storage, so its native token FIL can grow in price over time.

Who Is Invested in Filecoin?

Grayscale Filecoin Trust is one of the first securities solely invested in and deriving value from the price of Filecoin. Moreover, it’s supported by over 70 institutional investors including Sequoia Capital, a16z and RRE Ventures.

Can You Make Money with Filecoin?

Yes, the more storage you add, the more Filecoin you’ll earn.

Can Filecoin Go to 100?

It’s possible as earlier Filecoin has already achieved an all-time high of $237.24. And while past results do not guarantee future success, it comes to show that Filecoin has a lot of potential during the next long bull run.

Can Filecoin Reach $1000?

It’s possible, however, the circumstances have to be exceptionally favorable, and this can happen in the long-term perspective.

How High Will Filecoin Go?

PricePrediction crypto analysts set the future maximum price of FIL in 2050 at $4,487.

How High Can Filecoin Go in 2024?

PricePrediction crypto experts believe that in 2024, Filecoin is going to go as high as $4.8.

What Will Filecoin Be Worth in 2025?

Telegaon experts think that in 2025 Filecoin will cost $18.75 at its peak.

How Much Will Filecoin Be Worth in 2030?

The maximum price level for Filecoin in 2030 is set by PricePrediction experts: $52.3 at its highest point.

What Will the Filecoin Price Be in 2040?

Telegaon experts think that in 2040 Filecoin will cost $235.94 per coin at its peak.

What Is the Price of Filecoin in 2050?

PricePrediction analysts believe that even at its lowest point in 2050 Filecoin will cost $3,925 per coin.

Is FIL a Good Coin to Buy?

It may be if you’re planning to hold it long-term. In the long run, Filecoin might prove to be a wise investment. However, it’s recommended to do your own research before investing in cryptocurrencies.

Is Filecoin Risky?

Censorship resistance is achieved using Filecoin’s decentralized peer-to-peer architecture. Networks that are decentralized lack a single point of failure. All of the data on the Filecoin network is encrypted to the highest standards, and there are no gatekeepers.

Conclusion

Filecoin presents a great solution to worldwide file storage and retrieval inefficiencies. It gives the customer more control because they are not as likely to be constrained by agreements with large corporations. Furthermore, Filecoin seems to be in the greatest position to succeed in the file storage market. Its team has been hard at work developing the protocol in addition to having one of the largest initial coin offerings (ICOs) of 2017. All of this is on top of really powerful technologies like ibp2p and IPFS. Filecoin is equipped with a well-tuned set of tools and a functioning mainnet, and the Filecoin ecosystem’s viability will rely on how well it is used by the cryptocurrency community as well as whether it can draw in new users to the Web 3.0 space.

Where to Buy Filecoin?

StealthEX is here to help you buy FIL crypto if you’re looking for a way to invest in this cryptocurrency. You can buy FIL privately and without the need to sign up for the service. StealthEX crypto collection has more than 1500 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

How to Buy FIL Crypto: Quick-Step Guide

Just go to StealthEX and follow these easy steps:

• Choose the pair and the amount you want to exchange — for instance, ETH to FIL. 
• Press the “Start exchange” button.
• Provide the recipient address to transfer your crypto to.
• Process the transaction.
• Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.