Like other cryptocurrencies, Filecoin witnessed a tough year in 2022 as the market kept collapsing; it started to get back in shape right from the beginning of 2023, as several analysts and experts suggested. It indicates more people using the cloud storage system of Filecoin by the end of the second quarter.
However, the SEC in the US listed FIL as a potentially unregistered security that dramatically hit the FIL price. Additionally, the SEC sued the popular crypto exchanges Coinbase and Binance in June, further pushing down the FIL price.
However, the recovering crypto market helped the token regain some momentum for FIL. But how will it perform in the future? Let’s examine some of the predictions of the FIL tokens in this article, considering the suggestions of top analysts.
Filecoin Current Price and Market Analysis
According to CoinMarketCap, Filecoin is trading at $3.31, with about 71,175,976 FIL tokens in circulation and a current market capitalization of $1,501,928,888. Although the FIL price stagnated for quite some time after a considerable plunge, it is slowly beginning to show favorable signs, with almost over a 1.19% gain in the last week.
Filecoin project raised $205 million in an ICO in 2017, and it currently ranks 31 in terms of market capitalization and 43 in terms of trade volume in the last 24 hours. The MFI of FIL revealed significant liquidity outflows while both MFI and RSI hovered within mid-ranges that showed some uncertainty. Filecoin’s on-chain data revealed improved development activity, while its on-chain volume reflected a low demand.
Is $100 Realistic for Filecoin?
No, according to our Filecoin price prediction, it seems difficult for the coin to reach the $100 mark. So, the $100 mark is not realistic for Filecoin. Considering its current price, the token needs to grow by almost 30 times to reach the $100 mark. We believe that the token can only reach a maximum of $29.40 by 2030, while in 2023, it will not cross the $7.00 mark.
Based on the predictions made by CrowdWisdom, the token will only reach a maximum price of $38.7 by the year 2030. Filecoin needs to grow by almost 0.97 times every month to reach $100 in 19.58 months. At the same time, the BTCC Academy also predicts that FIL is not likely to reach the $100 mark and forecasts the maximum price of the token to be $58.75 by 2030.
According to Telegaon, Filecoin is an excellent project that offers a promising roadmap. As more investors get attracted to the FIL project, Filecoin’s price may skyrocket, hitting the $100 target between 2029 and 2030.
With a well-planned vision and roadmap, Filecoin has become an established crypto token among the top 30 coins with great potential to make a radical difference in the entire crypto world. Filecoin’s FIL may break every barrier to become a good long-term investment in the future.
The recent Filecoin classification as a security by the SEC has created uncertainty among investors that may impact the future of FIL investments. Hence, consider the FIL regulatory landscape and evaluate its long-term viability while investing in Filecoin.
Irrespective of the cryptocurrency, it is important to employ an effective investment strategy to make sound decisions and maximize returns from crypto investments. Investors must diversify their portfolios by investing in both traditional and digital assets. Successful investor invests in as much money as they can afford to lose. This strategy applies to all financial markets, including crypto.
Additionally, note that the crypto market is highly volatile, which may be off-putting for traders. While high volatility can bring greater returns, it can also magnify losses. Overall, traders must apply basic rules and strategies to ensure that they get the most out of the capital.
The chances for FIL tokens to reach $100 are very slim, and nothing can be said with 100% surety about where the crypto price will reach. It has very little or no chance of reaching the $100 mark anytime before 2030. The token has mostly remained between $3.0 and $4.5 for long.
However, if Filecoin breaks through this barrier and there is some positive news in the Filecoin network, we can expect to see some positivity. Although nothing can be guaranteed, given how volatile the crypto market is.
No matter what the future holds for Filecoin and its token holders, one thing that can be certainly said about the token is that it is an excellent investment opportunity with a bright future in the long run.