Filecoin (FIL) under the spotlight: Recent developments you should know

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Filecoin is a decentralized block chain solution that allows users to rent out free storage space on their disks. Filecoin (FIL) cryptocurrency is a project of Protocol labs and has been in the works since 2017; however, the cryptocurrency was launched on the mainnet in 2020.

Filecoin price developments

Filecoin established its all-time high right after the launch at the price of $62 but fell towards $30 afterwards and stayed there. It was not until February that Filecoin (FIL) picked up bullish momentum. The cryptocurrency surged upwards and has been on an upward trend ever since. As of this writing, Filecoin stands at $89 which is also the new all-time high. The bullish trend is expected to continue and, hence, Filecoin is set to establish higher highs subsequently.

In the 24-hour timeframe, Filecoin cryptocurrency’s price observed a positive change of around 10% while the daily trading volume increased by 54%. Filecoin is ranked at 21 in the market. The market capitalization of the coin, too, increased by around 10%.

The market sentiment for the cryptocurrency is bullish with a majority of the technical indicators giving out a signal of buy. Ten of the indicators are giving out a neutral signal while fourteen indicators are standing at a buy position with zero indications of sell. The oscillators are neutral while the moving averages are strongly bullish.

Recent developments

TL;DR Breakdown:

  • Coinbase listing of Filecoin
  • New Universal enters Filecoin mining
  • Grayscale Investments opens up Filecoin Trust

Coinbase listed the cryptocurrency in December which caused a surge in the price of Filecoin. Only after two months of launching on the mainnet, the cryptocurrency started to gain popularity as major cryptocurrency exchanges started listing the coin.

A Chinese manufacturing company by the name of New Universal – Newu – has decided to enter into Filecoin mining. The Shenzen-listed company has revealed a recent contract signed with an electronic manufacturer for the mining. Newu is set to buy around $90 worth of electronics for the mining process of Filecoin (FIL). The company has set a precedent for other Chinese companies by moving into Filecoin mining.

The asset management firm – Grayscale Investments – has been very active in the crypto field. The trusts of the firm are very popular among investors and come usually as a direct result of client demand. As Filecoin crypto surged and gave phenomenal performance, it did not go unnoticed by Grayscale. The firm has announced the opening of a Filecoin trust along with Chainlink.

Protocol Labs has found itself tangled in a scandal. The cryptocurrency suffered from a double deposit issue and news circulated that the block chain of Filecoin has a bug that resulted in the double spend. Protocol Labs has denied the allegation and instead stated that the misuse of Filecoin by exchanges has resulted in the problem. However, the double spend problem has had next to impact of the price of the cryptocurrency as it continues to surge upwards.

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