Filecoin: What happened with the FIL Price?

Filecoin (FIL) took a drastic turn in the wrong direction in the last few days, down 32% during a massive sell-off, and has yet to restore.

 

What is Filecoin?

Filecoin is a venture that seeks to decentralize the data storage system by providing it open to the public. The project is a B2B and B2C decentralized storage network with the main objective of pioneering the public data storage market. Protocol Labs, an open-source research lab, formed Filecoin. Juan Benet, a computer scientist, authored the first technical paper in July 2014.

 

Filecoins is aiming to decrease the volume of key players in the currently centralized data storage market. The network chiefly offers an open market with new storage and financial projections, as well as sensuous public data services such as open, and retrieve information, sequential records, websites, games, premiums, and many more.

 

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Filecoin price

In the last seven days, the FIL price has decreased by almost -32%. At the time of writing this, the FIL price is trading at $2.93. The price has drastically reduced from its ATH of $237.24 to the current trading price.

 

In recent months, the price of Filecoin has been continuously decreasing. As serious questions about its utility continued, the sell-off speeded up. As previously stated, the price of Filecoin has lowered in recent days as buyers doubted the network’s functionality. FIL dropped to a low of $2.95, the biggest drop in years. It has fallen by more than 98% from its all-time high, resulting in a market capitalization of more than $1 billion.

 

The current market sentiment is bearish. Futures market players are also not hopeful about a Filecoin restoration anytime in the near future. If FIL is able to recover to 3.5%, this could lead to a shift in shorter time periods. The relatively long trend has continued to advantage the sellers.

 

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