Filecoin is one of the few top coins that is now on the rise.
The cryptocurrency Filecoin (FIL) is on the rise. Coin, which is used to power a decentralized storage network, has seen its value rise by 14 percent in the last day and 28 percent in the last week, according to CoinMarketCap.
The price of a single Filecoin is currently $95 and the total market capitalization of the coin is somewhat more than $10 billion. Out of all cryptocurrencies, Filecoin has the 21st greatest market capitalization.
Filecoin’s increase today comes during a period of stagnation or mild degradation for the majority of the main cryptocurrencies.
Bitcoin is sitting pretty at $50,171, up 0.55 percent in the last 24 hours, and Ethereum is up 0.63 percent in the last 24 hours, to $3,918, according to CoinMarketCap. Cardano is down 1.71 percent, and XRP is down 0.35 percent in the last hour of trading.
The price of Filecoin began to rise on Tuesday, when the coin began its ascent from its low point of $70. By Friday, it had risen to $77 per gallon. Then, in a massive rise on Saturday morning, FIL soared to $84, a new high.
Price remained stable until Saturday afternoon, when Filecoin surged to $89 in what appeared to be a blink of an eye. Since then, the coin has maintained a scatty upward trend, pushing it up to $95.
The market for Filecoin isn’t even close to reaching the all-time highs seen at the end of March, when Filecoin reached a top of $191 per coin. However, this is the highest price it has reached since the middle of May, when Filecoin was on its way down from its all-time highs.
Filecoin is based on IPFS, or the InterPlanetary File System, which is a decentralized web hosting service developed by Protocol Labs, the company that created Filecoin.
A large number of NFT projects are started to host their JPEGs on IPFS since it is more decentralized than traditional domain name hosting services, which can be taken down without notice.
In May, Filecoin announced the availability of a free service known as NFT.
The Filecoin protocol was officially launched in its entirety only in October 2020. In a 2017 initial coin offering (ICO), the project raised $200 million in 30 minutes, although the launch was troubled by delay after delay.