• Filecoin is up 14% despite market stagnation

  • Filecoin (FIL) is gaining popularity. The value of the coin, which powers a decentralized storage network, has risen by 14 percent in the last day and by 28 percent in the last week.

    A single Filecoin now costs $95 and the total market cap of the coin is slightly more than $10 billion. Filecoin is the 21st most valuable cryptocurrency in terms of market capitalization.

    Filecoin’s rise today coincides with the stagnation or mild decay of other top coins. Bitcoin is currently trading at $50,171, up 0.55 percent in the last 24 hours, while Ethereum is up 0.63 percent on the day at $3,918. Cardano has fallen 1.71 percent, while XRP has fallen 0.35 percent.

    Filecoin began to rise on Tuesday, when it began to rise from $70. It had risen to $77 by Friday. Then, on Saturday morning, FIL shot up to $84.

    The price remained stable until Saturday afternoon, when Filecoin surged to $89 almost instantly. Since then, the coin has been steadily rising in value, reaching $95.

    The Filecoin market is nowhere near the all-time highs set at the end of March, when Filecoin peaked at $191. However, this is the highest price since the middle of May, when Filecoin was on its way down from its all-time high.

    Filecoin is based on IPFS, or the InterPlanetary File System, a decentralized web hosting service developed by Protocol Labs, the creators of Filecoin. Many NFT projects are starting to host their JPEGs on IPFS because it is more decentralized than traditional domain name hosting systems, which can take down websites without warning.

    Filecoin announced a free service called NFT in May.

    NFT creators can use Filecoin to store their NFTs and any associated metadata.

    The Filecoin protocol will not be fully operational until October 2020. In a 2017 ICO, the project raised $200 million in 30 minutes, but the launch was plagued by delay after delay.

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