• Filecoin price is at $102.10 with a rise of 37% in less than 24 hours.
• Filecoin maintains its upward trend while Bitcoin loses 7% of its value.
Filecoin cryptocurrency is the only coin with bullish movements even with the market in decline. This virtual currency belongs to the list of the 50 tokens with the highest market capitalization. The crypto market is in a downtrend, losing over 6.88% of its capitalization, which stands at $65 trillion.
But the Filecoin token, FIL, ranks 22nd for its large-capitalization in the crypto market. The token reached a daily high of $102.10, a 37% increase from its opening value. Although the coin had unfavorable falls, it has shown good gains in the last 24 hours.
However, the two leading cryptocurrencies, Bitcoin and Ethereum, have lost over 7% of their value in less than a day. This price drop reflects that FIL could also lose value shortly.
Cryptocurrencies’ price losses
In February, Tesla CEO Elon Musk announced that the auto company had purchased BTC tokens. This balance in stocks expanded to 1.5 billion dollars which exploded which typically exploded the cryptocurrency price. The uptrend for Bitcoin remained until May when Musk said the company would no longer accept the cryptocurrency.
These announcements caused Bitcoin, Filecoin, and other significant cryptocurrencies to lose over 50% of their value. For example, Bitcoin’s value went from above $60,000 to $30,000 by the end of May.
The rumors about Musk did not stop with that announcement due to rumors that he could have sold his BTC holdings. Musk eventually spoke out about it and denied all this news that generated terror among cryptocurrency traders.
Although Bitcoin and altcoins have not recovered from this tremendous loss, they have had a stable market. Bitcoin continues to trade between $30,000-40,000, but according to crypto enthusiasts, it may rise in price before the end of the year.
Why has Filecoin hit an upward trend?
For now, there is no key news on Filecoin that would support the uptrend it has had. However, more than a week ago, the FIL team claimed to be working on updating itself on the “hyperDrive network.” The new network tries to increase the storage rate, which is at ten tokens.
But crypto investors think that Filecoin’s uptrend is due to the relative strength index. The RSI measures the cryptocurrency price momentum when they are in oversold or undersold territory.
The cryptocurrency has risen due to the fame it has generated in the last hours above other tokens. This RSI absorption has happened to Dogecoin, Internet Computer, and even Bitcoin in the past. Investors have to take advantage of this trend to invest and acquire commensurate rewards.