Filecoin has crashed much more than the entire market in the past 24 hours and is currently ranked among the top 100 weakest coins. The market capitalization is just over $1 billion, which means Filecoin (FIL) ranks 37th in the market. There was already strong selling pressure last night. Filecoin then consolidated just above $3 and was able to successfully defend this price mark over the past few hours. Nevertheless, the sale is important.
A crash of around 25% does not happen every day. While filecoin currently lags far behind in favor of investors, it is the opposite with a move-2-earn coin. Because in just a few days of presale, the innovative FightOut Coin was able to attract over $2 million in capital – a strong statement at the start of the presale with such a bearish sentiment in the overall market.
For the 10x Coin FightOut
Filecoin crash: more than 20% price loss for FIL
There was a massive sell off at Filecoin last night. The price ranged from $2.64 to $3.91 in the last 24 hours. It was currently able to rally above $3 and is apparently stabilizing at that price level. However, the short-term development of Filecoin looks dramatic. In one week, Filecoin lost about 30% of its value, and more than 90% for the year. There were two times when the selling pressure was particularly high.
Why is Filecoin dropping so heavily right now?
But why is there currently a Filecoin crash that goes far beyond the development of the market average? While cryptocurrencies as a whole have corrected around 5% in the last 24 hours, Filecoin has fallen almost 25%. While some crypto users jokingly point out that Filecoin investors apparently stumbled upon Dropbox, the cause obviously lies elsewhere.
On the contrary, Binance FUD will likely hit Filecoin just as hard. CZ reportedly sold Filecoin heavily in the past 24 hours, causing the price to drop sharply. This may have become necessary due to the massive increase in withdrawals at Binance. Coins such as Filecoin or Trust Wallet Token are actively sold here, which are losing particularly heavily in the current market environment.
99% Below ATH: Filecoin, One of the Weakest Coins in the Bear Market – Chance of Recovery?
Although the short-term performance of coin holders can sometimes be spectacular, the long-term situation is even worse. Because Filecoin is currently trading around 99% below its ATH, making it one of the weakest coins in the bear market. Investors could of course sense a turnaround opportunity here, but does it offer good CRV?
One could initially assume that the entire crypto project will develop negatively based on the price. That’s not so bad – because, for example, developer activity increased significantly while the FIL coin continued to crash.
Nevertheless, filecoin lacks adoption. The decentralized storage system, which would like to act as a marketplace for storage space on the blockchain, is an exciting idea with its own blockchain. As peer-to-peer cloud storage, the question arises as to how far one will be able to keep up with the major (central) cloud service providers of our time (Amazon, Google and Microsoft) in the medium term. Concerns in this regard cannot be dismissed out of hand – filecoin must also first justify a market capitalization of $1 billion.
Investors are currently buying this coin: FightOut with 10x potential in 2023
While Filecoin is currently on the bear market buy list for almost no investor, it is different for a new cryptocurrency. Because FightOut – an innovative coin to win – was able to raise over two million dollars in the first days of presale. FightOut aims to skillfully connect high-end fitness studios with web3 application to utilize the immanent crypto benefits for fitness and health megatrends.
FightOut goes beyond existing projects and fully records sports activities using different sensors. At the same time, they want to open the first real-world crypto fitness studio in the coming year – in the city where the FightOut community has been particularly active so far. It pays to be quick with FightOut – because in the first phase the presale offers the attractive opportunity to receive a 50% bonus.
Buy FightOut (FGHT) now in presale
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