Filecoin Price Prediction 2024-2030

Filecoin price just broke out of a downward wedge and is currently encountering resistance at the 50-day moving average as it struggles to move higher. Before breaking out of this wedge, the Filecoin coin successfully tested strong long-term support at $3. The combination of technical indicators and the technical achievements of the development team puts Filecoin well-positioned for a future based on decentralized blockchains.

In this guide, we’ll look at the potential future price of Filecoin, the factors that influence it, and what information we can use to make informed decisions about Filecoin’s price predict.

Filecoin Price Prediction Summary

• In March 2023, Filecoin released smart contract support and has just completed its master plan roadmap to position the network as a computing "Layer 0" of the network.
• Filecoin is the most powerful and well-known "storage coin", and as decentralization continues to develop, global demand for cloud storage will only grow.
• Filecoin price just broke out of a downward wedge and is currently encountering resistance at the 50-day moving average as it struggles to move higher.
• Before breaking out of this wedge, the Filecoin coin successfully tested strong long-term support at $3.
• The combination of technical indicators and the technical achievements of the development team puts Filecoin well-positioned for a future based on decentralized blockchains.

##yearPotential low priceMeal average budgetPotential high price

2024*	$3	$5	$12
2025	$6	$9	$12
2026	$6	$10	$16
2027	$10	$16	$22
2028*	$18	$24	$30
2029	$20	$24	$28
2030	$20	$28	$36

* The Bitcoin halving event has pushed up potential high prices over the years.

Filecoin Historical Price

Filecoin price data on CoinMarketCap begins in December 2017, with the first quote being $11.48. Since then, it, like many altcoins, has tracked the rise and fall of Bitcoin, reaching an ATH of $237.24 in April 2021 as Bitcoin peaked above $60,000 for the first time.

One point where the Filecoin cryptocurrency price deviated from the flow of the rest of the cryptocurrency market was in October 2020 when the Filecoin mainnet was launched. Here, the price of Filecoin increased by 200% from $19.55 to $59.76 before settling around $30.

As for the rest of the cryptocurrency market, 2023 has been a year of stagnation for Filecoin prices, currently trading at $3.28, 9% higher than the $3.0091 price at the start of the year.

However, 2023 has seen some exciting price movements for Filecoin, driven by the launch of smart contract functionality on the Filecoin network in March.

Since the beginning of the year, the Filecoin token price has steadily increased to a peak of $8.5823 in February before falling to $6.3995 on launch day, March 14. It has been declining steadily since then, recently successfully testing its key long-term support at $3.

Key Points in Filecoin Historical Price

• The earliest data on CoinMarketCap shows that Filecoin started in December 2017 trade, with an initial price of $11.48.
• In October 2020, the price of Filecoin surged significantly, rising 200% from $19.55 to $59.67, coinciding with the launch of the Filecoin mainnet.
• Since then, the price of Filecoin has fluctuated significantly. Largely tracks the movements of the broader cryptocurrency market.

Filecoin Price Prediction 2024

Looking ahead to 2024, the crypto market is expected to pick up due to the Bitcoin halving event in April 2024, which typically results in significant price increases. Standard Chartered predicts Bitcoin could reach $120,000 by the end of 2024. If such predictions come true, it will cause huge fluctuations in the entire market.

From the perspective of Filecoin’s network elements, the Filecoin master plan was completed in March this year, and the network released the smart contract function. While the Filecoin dApp ecosystem and the introduction of blockchain bridges are already impressive, its development and growth in 2024 will have a positive or negative impact on the Filecoin token price and therefore our Filecoin token predictions.

What may deter investors and put downward pressure on Filecoin prices is that there is no Filecoin roadmap for the future. The master plan was completed in March last year and no clear roadmap has been set since then. There are few incentives offered to attract buyers to the Filecoin market.

From a technical perspective, Filecoin just broke out of a downtrend wedge heading towards neutral, having previously successfully tested support at $3, and is now beginning to test its 50-day moving average. If it manages to break above this, it will have the 100-day moving average to contend with. All this, combined with the expected boost from the Bitcoin halving event, could drive positive momentum for Filecoin token prices in early 2024.

Taking all of this into consideration, our 2024 Filecoin price prediction is that Filecoin could go as high as $7 and as low as $4 by 2024, with an average price of $5.

Filecoin Price Prediction: Long Term Outlook – 2025-2030 Forecast

As mentioned before, Filecoin has now completed its roadmap and there are currently no major development updates that we can expect for Filecoin Positive impact on token prices. The non-existence of such plans may hurt the price.

According to the above master plan, Filecoin is now positioned as the "0 layer" of the computing network. Filecoin has a built-in utility layer for persistent, decentralized data storage and a compute layer that now allows for dApps and smart contracts, with a price dependent on ecosystem growth.

As blockchain technology continues to be adopted and the industry continues to decentralize, Filecoin is ready to be adopted by those who desire blockchain technology and decentralization. Paying close attention to the quarterly earnings report will be key to understanding what will happen to Filecoin price.

Our Filecoin price prediction for 2025 is between $6 and $12, with an average price of $9.

Looking forward to 2030, the cloud storage market will not disappear. If anything, demand will only increase as humanity continues to grow at an exponential rate. If Filecoin's development keeps pace with the development of blockchain technology and keeps pace with cloud storage trends, there is no reason why its price cannot continue to rise. For these reasons, our Filecoin price prediction for 2030 places the price of Filecoin between $20 and $36, with an average price of $28.

Potential Highs and Lows of Filecoin Coin Price

Like all assets, the price of Filecoin’s FIL token fluctuates from year to year. Traders looking to enter long-term positions should know that these will occur and estimate for them. Here we show the potential highs and lows for Filecoin price for each year between 2024 and 2030.

year	Potential low price	Average meal budget	Potential high price
2024*	$3	$5	$12
2025	$6	$9	$12
2026	$6	$10	$16
2027	$10	$16	$22
2028*	$18	$24	$30
2029	$20	$24	$28
2030	$20	$28	$36

* The Bitcoin halving event has pushed up potential high prices over the years.

What do other analysts predict for Filecoin Coin?

Changelly Exchange predicts that Filecoin’s FIL token will reach a peak price of $3.45 by the end of this year, with bullish predictions that it will reach a high of $85.08 by the end of 2030.

Changelly

“By 2030, our Filecoin price prediction has FIL tokens trading at an average value of at least $67.29 is $69.71. If the crypto market remains positive, the maximum expected price of the Filecoin cryptocurrency in 2030 is approximately $82.80.

The Cryptopolitan (The Hidden Hotel)

On CoinCodex, the high and low predictions vary widely due to the Bitcoin halving event. They say that Filecoin could hit a high of $25.85 next year and a low of $3.12. And for a high of 2030 The high and low predictions are $23.26 and $18.38 respectively.

CoinCodex

In their predictions for 2024, AMBCrypto predicts Filecoin The price will increase by the end of the year and it is expected that it will close between $5.69 and $6.55. Additionally, they predict that the average price of FIL tokens in 2030 will be $43.56.

AMBCrypto's

KoinX Crypto Tax Tool predicts that Filecoin will average $11.66 in 2025 and reach a high of $56.06 in 2030.

KoinX’s

What is Filecoin and what is it used for?

Filecoin is a decentralized data storage network that allows users to store data outside of their computer and retrieve it at any time without relying on a centralized entity. Filecoin supports a variety of data formats, including images, audio, and video. This means that files stored using the Filecoin protocol cannot be audited by service providers, governments, or anyone else.

In March 2023, Filecoin gained smart contract capabilities with the release of the Filecoin Virtual Machine (FVM) on the network. This increases Filecoin’s utility from a decentralized storage network with a payments layer to allowing developers to build dApps on top of the network. Since then, more than 2,500 smart contracts have been launched for more than 100 dApps in the Filecoin ecosystem.

Filecoin is not suitable for storing data that needs to be accessed frequently, as users need to pay a small fee to access them The data. The Filecoin protocol targets companies with large digital archives that require infrequent access.

Filecoin and IPFS

Filecoin is often compared to IPFS (InterPlanetary File System) because both provide similar services: decentralized storage. Although complementary and developed by the same entity, Experimental Solutions Laboratories, they are actually different.

Filecoin is a decentralized peer-to-peer storage network with built-in economic incentives by including a payment layer using FIL tokens. The network is designed to provide reliable storage of large amounts of data for long periods of time, for a monthly fee. This data can be changed and is always accessible from the same address.

IPFS is also a decentralized peer-to-peer storage network, but without an economic incentive layer, each file has a unique content identifier (CID) equivalent to the website URL. Here, a one-time payment commits the file to the network permanently. Files stored in IPFS are immutable, which means that when the contents of a file change, its CID (i.e., its URL) also changes.

Files on IPFS are not stored in one location. Instead, they are stored in multiple locations on a shared network. When a user enters a CID, the network delivers the content associated with that CID via the most efficient route in the network at the time.

Filecoin is actually built on top of IPFS, allowing users to rent unused hard drive space in IPFS. But while IPFS provides immutable data that is stored and accessed permanently for a one-time fee, the Filecoin network provides temporary, reliable storage for as long as users wish to pay monthly.

Using Filecoin: Service Providers and Service Users

Anyone can register as a storage provider and allocate a portion of server or hard drive space for the Filecoin system (requires several terabytes of space and technical knowledge on how to set it up Knowledge). They can then offer this storage on the open market for anyone to use.

It is in this market that potential users find, bid for or request storage space at a price that suits them over a period of time. Once the transaction is completed, paid for and recorded on the Filecoin blockchain, the file is stored.

To access their files, users make bid requests on the retrieval marketplace. When Retriever accepts this, they sign the transaction to the blockchain and perform the data extraction for the user.

The storage capacity of a network depends on the amount of storage contributed by the storage provider to the network. The price of storage is determined by the open market, not by a single entity, and is influenced by many factors, including available storage space, storage demand, and the price providers and users are willing to accept and pay for storage.

Proof of Replication

The Filecoin network uses a modified version of Proof of Stake called Proof of Replication to verify that service providers are providing and maintaining the services they say they do. Proof of replication has two elements:

• Proof of storage: Storage providers must prove that they have stored the number of copies of the data they say they have.
• Proof of time and space: Storage providers must prove that they have stored data for a previously agreed period.

Both of these are checked every 24 hours, with the results immutably recorded on-chain, so users can check whether the storage service they paid for is online at any time, even if they don't access it. Storage providers must provide these reports in order to receive payments distributed as FILs.

FIL: Filecoin Token and Its Use

FIL Coin is the token that powers the Filecoin economy. It has multiple uses within the Filecoin ecosystem, including as payment, collateral, and incentives. Here’s how FIL is used in the Filecoin economy:

• Mining Rewards: Blocks on Filecoin are created by storage providers, and the more storage you provide to the network, the more likely you are to be selected to mine a block. When a new block is mined, new FIL coins are created and given to miners as a reward, along with transaction fees paid by users.
• Storage fees: Users use FIL tokens to pay storage providers for their services.
• Retrieval Payment: Users pay Retrievers for their services using FIL tokens.
• Token Staking and Locking: In order to provide storage to the network and mint blocks, storage providers must lock a certain number of tokens; providing more storage means locking more tokens. If they act maliciously, or their storage fails reliability checks, their stake will be slashed.
• Governance permissions: FIL represents voting rights in the Filecoin ecological governance system.

The number of new FIL tokens released in each block varies, depending on the network at the time of minting Demonstrable effectiveness. This is to control supply and ensure that it is still economically viable for storage providers to offer storage and invest time and effort into minting blocks.

The hard cap of 2 billion FIL tokens will only be minted when the network achieves massive utility and growth.

The current situation of the cloud

Filecoin’s storage network is similar to the cloud and is currently very centralized. It is estimated that by 2022, more than 60% of all information generated by humans will be stored in the cloud. As the amount of data created increases every year, this number will continue to rise.

65% of the cloud market share is now controlled by three major entities: Amazon 32%, Microsoft 23%, and Google 10%. Such control could lead to censorship and the ability of these entities to determine market prices for cloud services.

Who is using Filecoin

The Filecoin network is used by web2 and web3 companies that want to take advantage of decentralized storage. Among other things, these companies use the Filecoin network to store:

• NFT Files
• Metaverse/Game Assets
• Web2 Datasets
• Content and files for streaming

Web2 and web3 companies using Filecoin include:

• Non-fungible tokens.Storage
• USC Holocaust Foundation
• Internet Archive
• otis
• Open Ocean
• UC Berkeley

Filecoin Coin Overview

Cryptocurrency	Filecoin (Philippine currency)
Stock Code	LINE
行	#31
Price	$3.28
Price change 24 hours	0.38%
Market value	1,499,105,135 USD
Circulating supply	454,222,000 inches
24 hour trading volume	$58m (17,770,694 FIL)
Historical High	$237.24
Historical Low	$1.83

What affects the price of Filecoin?

FIL tokens are utility tokens used by all users of the network. Therefore, the popularity of the network and the services it offers have a significant impact on the Filecoin token price. This is the most important factor affecting the price of FIL, and it is crucial to take this into account when making Filecoin price predictions.

Users use FIL tokens to pay for storage services on Filecoin. Therefore, increased storage requirements increase network usage. As demand for storage space increases, storage providers will want to add more storage to their networks to increase their capacity and revenue.

They must lock up a certain amount of FIL tokens to add storage to the network. This reduces the supply of FIL and increases demand, which typically increases the price of the token as these storage providers need to purchase the FIL they want to lock.

In March 2023, the Filecoin ecosystem was launched with the release of FVM on the network. This adds additional utility to the FIL token as it requires gas fees to be paid on the network. This means that the popularity of the Filecoin ecosystem will directly impact the demand for the token.

Is Filecoin worth buying?

Filecoin’s creators claim that if Filecoin is widely adopted and due to its open market approach, it will become the fastest and cheapest way to store data on the Internet. The State of Filecoin report, released each quarter, provides an excellent overview of the ecosystem and allows readers to make more accurate and data-backed Filecoin price predictions. This Q2 2023 report shows promising signs of growth for Filecoin’s main product, durable decentralized storage.

The network regulates the release of new Filecoins usage, and reaching a hard cap of coins is dependent on network uptake. This means that it is harder for the supply of Filecoin to become oversaturated and drive down the price.

With the launch of smart contract functions, Filecoin has added another string to its practicality. Filecoin’s FVM is built on the EVM (Ethereum Virtual Machine) model, allowing dApps to be built on the EVM (Ethereum Virtual Machine) model. Other EMV-compliant networks can also easily launch their dApps on Filecoin. It also makes bridging to the network easy, and Axelal and Thaler already do that. This increase in utility, in addition to the fact that it is one of the top storage coins, provides a compelling reason for its future success.

However, in May 2023 the SEC labeled Filecoin’s FIL as a security in a letter to Grayscale, a company that created an investment trust around the coin to provide risk to retail investors. exposure. This has caused some people to be cautious about holding or buying Filecoin and could lead to some exchanges delisting it in the future, although this has not happened yet.

While there are no signs that Filecoin will be rocketing to the moon any time soon, it has a strong utility platform and unique storage USP that could attract a wide variety of users.

Conclusion

The Filecoin development team has completed their development roadmap, laying a solid foundation for Filecoin’s future. The coin itself has long been one of the most popular storage coins, but does that make it one of the best coins to buy in 2024?

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