Filecoin (FIL) Is on the Rise, Will It Go Over $150?

Filecoin (FIL) is bullish. The coin that fuels the open-source, public cryptocurrency and digital payment system rose by above 24% over the last 24 hours.

At the time of writing, Filecoin (FIL) is trading at $116.63 with a 24-hour volume of $4,233,521,288, according to CoinMarketCap. The coin rose from $93 to over $119 in the past 24 hours.

Some crypto experts credited FIL’s rise to the Bitcoin surge and also other altcoins. Moreover, the coin started to rise on Tuesday. Plus, it increased to $77 on Friday and then skyrocketed on Saturday morning, rising to $84.

However, the price settled until Saturday afternoon, when Filecoin increased to $89. The blockchain-based cooperative digital storage and data retrieval method has persisted since, bringing the coin to $95. In addition, it jumped above the $117, heading towards $150. But will it reach $150?

The answer is uncertain but in March, Filecoin peaked at $191, reaching its all-time high. So, there might be a chance for FIL to try the $150 level. However, investors should proceed with caution as the crypto market is volatile.

Designed by Protocol Labs and built on top of the InterPlanetary File System, Filecoin lets users rent unused hard drive space. More so, it aims to “store humanity’s most important information.”

In 2017, it secured $205 million in an initial coin offering (ICO). Besides, it initially planned launch date for mid-2019. But, the date for the project’s mainnet was pushed back until block 148,888, which was in mid-October 2020.