Filecoin: Price Analysis and Prediction for 2022
Filecoin is an innovative project in the crypto world. The FIL coin also had an exciting time in 2021 with several ups and downs.
2022 brings new expectations from investors and a lot of speculation about Filecoin’s value. So, here is a comprehensive price analysis of the FIL token for 2022 to make an informed decision.
What is Filecoin?
Filecoin is the first decentralized storage network in the world. Decentralized means there is no need for humans to manage any function or process for the platform to work.
Filecoin invites common folks to rent their unused spaces on hard drives and storage devices. The space can be used by anyone or any organization to store data and files securely.
Best of all, the price for availing storage depends on the demand and supply. Therefore, it can be a cost-effective way to store information.
What is the FIL Token?
FIL is the native crypto coin of the Filecoin network. The token went on sale in 2020 and allows miners to earn rewards for their contributions.
With Filecoin, miners don’t have to verify cryptocurrency transactions. Instead, they get tokens for offering storage space and adding more.
In addition, people who buy storage can pay with FIL tokens.
Moreover, FIL tokens will facilitate the development of valuable goods on the network. They will also add up to build a reliable economy for the project.
FIL Price Analysis for 2022
FIL tokens went up for sale in October 2020. Currently, FIL tokens are trading at $18.62 with an increase of 2.2% in the last 24 hours, as per CoinGecko.
2021 has been a busy year for FIL tokens. The coin saw massive gains and losses over the years.
FIL also recorded an all-time high of $236.84 in April 2021, according to CoinGecko.
However, the prices of FIL started dropping soon after and reached $40 in July. It then climbed to $82 in August and then to $119 in September.
Unfortunately, FIL mostly went down in value till the end of the year. It was trading at a low price of around $34 on January 1, 2022.
How does the rest of the year hold for FIL?
Most experts predict FIL tokens to follow a bearish trend in 2022. That means they think the price of the coin will go down during the year.
As per Coin Price Forecast, FIL tokens can climb to $30.67 by the middle of 2022. Additionally, it can end the year with a dip in prices, with a value of around $27.87.
DigitalCoin presents a similar prediction. It says FIL tokens will end the year at $26.16. However, the website predicts prices to rise for 2023 to reach $30.83.
Wallet Investor feels more positive about FIL. The platform considers it to be a good option to invest in. Additionally, the website predicts the price of FIL tokens to reach $20 by the middle of 2022.
When the year ends, FIL tokens could sell at $26.
Most crypto coins have suffered due to the recent dip in the cryptocurrency market. FIL tokens also came under the fire and declined in value.
However, prices can increase as more organizations choose Filecoin to store information. There are more than 150 businesses that already rely on the platform.
An increased interest in the network can lead to a surge in prices.
FIL tokens had a busy 2021. It recorded an all-time high in the same year and declined to the level of $34 in December. In 2022, FIL tokens will most likely follow a bearish trend and go down in value. It can end the year around $26 — $30.