The crypto market has again started the week in the red. Major coins like Bitcoin (BTC) and Ethereum (ETH) have been declining today though the losses were not that significant. Filecoin (FIL) was the one crypto that saw a substantial gain amid such a bearish session. The FIL crypto gained over 30% on Monday morning. Thereafter, it even recorded its 1-month high today. However, the token then saw an increase at a slower pace. Also, it started trading much lower than its peak.
What Is Filecoin (FIL)?
CoinMarketCap, the leading cryptocurrency price-tracking website defines Filecoin as:
“A decentralized storage system that aims to store humanity’s most important information. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.”
This digital currency project by Juan Benet was able to raise about $205 million in its initial coin offering (ICO) back in 2017. Thereafter it was planned to be launched in mid-2019. However, the date was then postponed to mid-2020 until block 148,888 was acquired.
Filecoin Price Today
The Filecoin price was up by 12.81% during today’s crypto crash session as it traded at $9.47 at the time of writing on Monday, August 1, 2022. The market capitalization of the FIL token stood at $2.3 billion, up by 13.07%. Moreover, the 24-hour trade volume surged by 44.96% to $2.25 billion. After May 10, 2022, this was the first time that its trade volume crossed the $2 billion mark. It earlier was up by over 30% and then declined after recording a peak of $11.24, which is also its 1-month high.