Filecoin market cap hits $450B after FIL price rallies above $230

The fully diluted valuation of Filecoin (FIL), a digital payment and cryptocurrency system built on top of the InterPlanetary File System (IPFS), has reached $450 billion.

Filecoin is a blockchain that enables users to rent unused hard drive space to store and retrieve data. Its model is similar to Snowflake, which completed the biggest software IPO in history in September 2020.

If you’re excited about Snowflake, just wait until you learn about Filecoin

— Barry Silbert (@BarrySilbert) September 16, 2020

A combination of three factors likely led the price of FIL to surge in recent weeks: technical momentum, rising demand from China, and its uniqueness compared to Ethereum.

nalysts say big demand is coming from China

According to Wu Blockchain, a crypto-journalist based in China, the demand for FIL has been heating up in China.

The daily volume of FIL on Huobi, which ranks as China’s largest cryptocurrency exchange, reached $24.2 billion. The journalist said:

“China is crazy for Filecoin, with a 24h increase of more than 30%, reaching a maximum of $236. The 24h trading volume of FIL in Huobi, China’s largest exchange, reached $24.2b, nearly three Title: Filecoin market cap hits $450B after FIL price rallies above $230
Sourced From: cointelegraph.com/news/filecoin-market-cap-hits-450b-after-fil-price-rallies-above-230
Published Date: Thu, 01 Apr 2021 22:50:00 +0100