Filecoin surges to new highs fueled by pivotal Solana deal and AI sector growth Filecoin surges to new highs fueled by pivotal Solana deal and AI sector growth
Arthur Hayes, BitMEX co-founder, predicted that the digital asset's value could climb to as high as $100.
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Updated: Feb. 23, 2024 at 1:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Filecoin has surged to a new yearly high amid significant development within its ecosystem.
The decentralized storage protocol’s FIL token price soared to a yearly peak of $8.43 but has slightly corrected to $7.92 as of press time, according to CryptoSlate data.
Notably, FIL is the only digital asset among the top 25 cryptocurrencies by market capitalization that saw a green candle in the last 24 hours, up more than 7% during the reporting period.
Over the past 30 days, FIL has grown by more than 63.61% and by 15% on the year-to-date metric. Despite this growth, Filecoin remains down about 96.54% from its all-time high of $236.965 in April 2021.
Why is Filecoin’s value rising?
FIL’s price performance can be attributed to several reasons, including recent developments within its ecosystem and the current artificial intelligence (AI) narrative pervading the broader market.
During the past week, Filecoin announced a significant partnership with the leading blockchain network, Solana.
According to the announcement, the collaboration would allow infrastructure providers, explorers, indexers, and anyone needing historical access to have seamless access to Solana’s block history.
“By leveraging Filecoin’s decentralized storage capabilities, Solana can achieve data redundancy, scalability, and enhanced security while staying true to its decentralized ethos,” it added.
Besides that, market observers have highlighted the current AI narrative as another reason for FIL’s bullish price performance.
Recent reports revealed that AI-linked tokens have rapidly gained after OpenAI announced its AI-powered video generation service, Sora. In addition, Nvidia’s recent earning report showed a massive demand for generative AI.
Considering this, Arthur Hayes, the co-founder of the BitMEX exchange, said, “All things AI-related [will] levitate.” According to him, this would push FIL’s price to $100.
Furthermore, a recent report from the protocol highlighted increased accessibility and demand for its products in the previous year. Notably, the protocol onboarded over 1,800 new large dataset clients and more than 180 clients to Singularity alone.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Filecoin is a peer-to-peer network that stores files on the internet, with built-in economic incentives to ensure files are stored reliably over time..
Solana
$255.213
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
BitMEX
HDR Global Trading Limited owns and operates BitMEX which is a trading platform that offers investors access to the global financial markets using only Bitcoin.
Arthur Hayes, a prominent figure in the world of cryptocurrency, co-founded the cryptocurrency exchange BitMEX and served as its CEO until recent events shifted his career trajectory.