Is Filecoin Going to Zero? FIL Price Dips 4% as New Bitcoin Platform Hits $7.2 Million
Source: Dall•E 3
The FIL price has dropped by as much as 4% in the past 24 hours, slipping to $7.48 as the wider crypto market suffers a 1% decline today.
Despite the dip, Filecoin remains up by 31% in a week and by 54% in the last 30 days, with the altcoin also having gained by an impressive 136% in the past year.
Yet such momentum could begin to wane if today is any indicator, especially when FIL has largely risen with the market, which may sink back down if the SEC does not accept any Bitcoin ETFs this month.
However, there are a number of promising new altcoins that look set to rise even if such ETFs don’t gain approval, with Bitcoin Minetrix (BTCMTX) being one of the most promising.
Is Filecoin Going to Zero? FIL Price Dips 4%
Even though FIL has dropped today, its indicators continue to look relatively healthy, suggesting that further gains may be coming in the shorter term.
For one, its 30-day average (yellow) has actually begun climbing more steeply away from its 200-day average (blue), a sign that it has gained momentum.
Source: TradingView
Similarly, FIL’s relative strength index (purple) has also risen beyond 70 today, another clear sign that the coin has gained in momentum in the past few days.
And at just over $600 million, FIL’s trading volume makes it clear that interest remains strong in the token, especially when it was recording only $250 million a day a month ago.
It’s also encouraging that the token’s support level (green) has not only increased steadily in recent weeks, but has also held up well against any falls.
Take together, this all suggests that the FIL price is likely to rise again after today’s little comedown.
Indeed, the general expectation is that the SEC will approve at least a few Bitcoin ETFs, something which will not only boost BTC, but will boost the market as a whole.
This includes FIL, which also benefits from having some very strong fundamentals.
The self-proclaimed “world’s largest decentralized storage network,” Filecoin has witnessed considerable growth in recent months, with network now boasting around 3,000 projects working within its ecosystem.
Filecoin growth stats reflect more than progress; they narrate a story of unity and relentless innovation within the #Filecoin ecosystem. Together, we’re building more than a network; we’re laying the groundwork for the decentralized web’s future!
Witness our journey: pic.twitter.com/l3NeGng23X
— Filecoin (@Filecoin) December 22, 2023
And as the tweet above makes clear, it also has deployed over 2,400 unique contracts and works with more than 450 organizations.
These are healthy metrics, and they suggest that after today’s blip, the FIL price should rise again.
New Bitcoin Platform Hits $7.2 Million
FIL isn’t the only promising altcoin in the market at the moment, with a number of presale tokens also showing lots of potential.
Probably the biggest of these is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has now collected more than $7.2 million in its hugely successful presale.
Happy New Year, #BTCMTX Communtity!
Surpassing $7,200,000 is a stellar way to start 2024.
Here’s to an incredible year ahead!#HappyNewYear #CryptoMilestone pic.twitter.com/IGO0Jv70AA
— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024
There are several reasons why Bitcoin Minetrix has raised so much so quickly, with the platform offering something fairly unique within the crypto ecosystem.
Namely, it will enable users to mine actual Bitcoin (BTC) by staking its native token, BTCMTX.
By staking BTCMTX, users receive tokenized mining credits in return, which they can spend to have Bitcoin mining take place on their behalf.
In turn, this will earn them mined BTC, while staking will also provide a regular stream of newly issued BTCMTX.
As such, Bitcoin Minetrix looks set to be a highly profitable platform for investors, and when combined with its streamlined interface, it looks set to be one of the most successful new tokens of 2024.
Embark on the intriguing evolution of #BitcoinMining!
Moving from PCs to embracing cloud mining marks a remarkable shift in this realm.#BitcoinMinetrix prioritizes transparency and welcoming approaches, guaranteeing safer and more efficient mining methods for all. pic.twitter.com/T1lKeXK9zO
— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024
Judging by the success of its presale, it seems that most investors also feel this way, with newcomers still able to join the sale by visiting the project’s official website.
And given that it has been one the best presales of the past 12 months, it’s also likely to have one of the best listings of the year.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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