Skip to main content

Filecoin is gaining momentum as investors pounce on fallen angels

 


Filecoin price surged Monday as investors rushed to the cryptocurrency's fallen angels. The coin is up over 30% in 24 hours, hitting its highest level since February. Other fallen angels such as Zilliqa, VeChain and Internet Computer also jumped up.


Inversion of the yield curve

Filecoin is a blockchain project that aims to provide a better alternative in the file storage industry, which is currently dominated by companies like Amazon and Google.


The platform uses a decentralized approach to allow anyone to become a data center provider by sharing their free storage space and bandwidth.


The benefit of this model is that it ensures data is more secure than that stored on centralized platforms. Also, the data is usually close to the users, which helps reduce the lag that exists today.


Filecoin is widely used in the blockchain industry. For example, many developers choose the platform as an alternative to file storage. It has also gained market share as a valuable platform for storing non-fungible tokens (NFT).


Filecoin was once one of the hottest cryptocurrencies in the industry as it ranked in the top 20. However, it has lost its luster in recent months, falling as demand for the coin waned. Competition from alternatives such as Storj and Arweave also continued to increase.


Filecoin price surges as investors embrace once-hot coins like VeChain and Zilliqa. The jump is also likely due to the power of the Filecoin Virtual Machine, which is a useful tool for Web 3.0 applications and the metaverse.


The recovery is also due to the ongoing rally in Bitcoin, Ethereum and other cryptocurrencies. It is notable price action considering the macro picture seems uncertain with the yield curve inversion.


Filecoin price prediction

The 4 hour chart shows that the FIL price has been in a strong uptrend for the past few weeks. This rally started when it found strong support at $16.90. FIL has now moved above the 25-day and 50-day moving averages. It is also approaching the key resistance level at $26.25, which was the highest point on February 8th this year.


Therefore, there are chances that Filecoin price will continue higher as the bulls target the next key resistance level at USD 30.


My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

British financial regulator criticizes cooperation between Binance and Paysafe

  The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe. As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform . Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports . “ Paysafe understands
Post a Comment
Read more