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Eight years ago, Protocol Labs released their cryptocurrency Filecoin on 15th July. It bears the ⨎ symbol and has recently garnered the attention of traders and investors. While many cryptocurrencies faced a dip in 2021 and 2022 due to the Covid-19 pandemic, recession, and low GDP rate, Filecoin peaked at $186.46 on 2nd April 2021. It again experienced a significant rise on 6th Sept 2021 with a price of $113.81.
If you are new to the crypto-trading space, here’s some information on Filecoin: Filecoin is a decentralized network built on blockchain technology. Its cryptocurrency also bears the same name. Filecoin intends to establish a market where users can charge others to store their data on this decentralized network while users can lease out their excess storage space. Filecoin provides a reliable and effective option for decentralized storage by utilizing blockchain and cryptography technology. If you are looking for FIL price prediction, you are at the right place!
Summary of Q2 2023
Now, let’s roll down to the second quarter of 2023. Filecoin is getting traded at $4.4, and the average price in the second quarter is around $4.54. Yes, you can figure out that the plunge from $186.46 to $4.4 is a lot, but the second quarter is yet to end. But, crypto traders and investors interested in FIL price prediction often wonder how much the price can increase. Experts do not promise a new peak in the FIL price prediction but also mention that slight increases are possible.
Here are some positive signs that support the prediction:
- The storage market for Filecoin grew in Q2 of 2023 as active trades increased by 64% Quarter on Quarter (QoQ).
- Storage usage increased from around 4% in Q1 of 2023 to over 8% in Q2 of 2023 despite a 12% QoQ decline in storage capacity.
- Due to a 60% rise in the count of large dataset clients and a 64% QoQ rise in active storage arrangements, revenue climbed by 91% in Q2 of 2023.
- With the help of the Filecoin Virtual Machine (called FVM), new use cases such as perpetual storage, liquid staking, and decentralized computing were made possible.
Highlights and Forecasts of Q3 and Q4 2023
Regardless of the current price of Filecoin, you must remember that the Christmas of 2023 is yet to come. In other words, the Filecoin price still has the potential to reach new peaks. According to Filecoin prediction from experts, the price of Filecoin may rise in the future due to good market circumstances, more usage, collaborations, and technological improvements.
Since its inception, Filecoin has generated much interest and is regarded as a potential crypto investment in the blockchain and digital currency industries. Amidst its high volatility and price fluctuations, the FIL prediction for Q3 and Q4 of 2023 suggests a maximum of $5.38. Furthermore, it must be noted that in February 2023, Filecoin reached a mini milestone of around $8.58. Thus, you can stay hopeful that such peaks and spikes may happen in the near future.
Conclusion
The hope remains high for Filecoin as it shows fruitful signs of attaining new heights in the crypto world. Removing the comparison with other cryptos, Filecoin is certainly in competition with itself, and the price predictions are promising. While the average for Q2 2023 is $4.54, the upcoming Q3 and Q4 expectations are worth rooting for in the future.