Could Filecoin's Price Rally Signal a BTC20 Explosion?

Could Filecoin’s Price Rally Signal a BTC20 Explosion?

Updated: 10 August 2023

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Filecoin (FIL), a popular crypto project that offers decentralized online storage, recently saw substantial price volatility.

The token has fluctuated between $4.05 and $4.20 throughout the week after seeing a solid price drop at the end of July.

The FIL price dropped again in the last 24 hours, down by 1.33%. However, its weekly performance indicates that this is just another correction after a failed attempt to reach the resistance at $4.20.

The lowest that Filecoin has reached in the last 24 hours was $4.091; since then, it has already recovered to $4.11. This is where the price is at the time of writing,

Filecoin’s market cap sits at $1.8 billion, but its volume is down by 60% in 24 hours, currently at $74.09 million. The token now ranks as the #31 largest cryptocurrency by market cap.

What Next for Filecoin?

According to recent price predictions, the Filecoin price will continue to fluctuate.

The project is in the middle of a significant bearish wave, but analysts believe that FIL will have to see further drops before it can start a relatively good upward movement.

If this happens, the growth is expected to take it to a resistance level that ranges from $5 to $5.5. This is likely the level FIL will have a hard time with unless a strong bull run pushes it through.

Filecoin Africa Hosts FVM Workshop

Filecoin Africa recently held a workshop at the Impact Hub, Accra, Ghana, through the Filecoin Orbit Community Ghana. This was a series in one of Africa’s Filecoin Virtual Machine (FVM) roadshows that was announced more than a month ago.

The roadshow compiled a stellar lineup of speakers who delivered their views, experiences, and expertise at the FVM Workshop.

The event also connected people needing storage space with those who have extra space and are willing to offer it.

Through the FVM, the Filecoin blockchain can also support smart contracts now, and thus it unlocked a massive potential of an open data economy.

All of this brought quite a bit of attention to the project, but for now, it was not enough to help its price recover.

Filecoin’s idea of offering near-unlimited storage is quite revolutionary, but its price will have to wait for the market trends to turn.

BTC20 Explodes, Staking Now Open to Public

Recently, new versions of successful cryptocurrencies started launching on Ethereum’s network, and naturally, Bitcoin was among them.

The new Bitcoin-inspired token, BTC20, held a presale completed with impressive speed and sold out before August 9th.

With the token sale complete, the project moved on to the next step, which was enabling staking. The staking became available yesterday, August 9, starting at 3 pm UTC. Now, users can claim their BTC20 beginning on August 10 at 3 pm UTC.

BTC20 intends to let users buy the BTC20 tokens and let them work for them. By staking the tokens, users will be entitled to earn more BTC20 after every 10 minutes.

This is the amount of time needed for Bitcoin to solve a block. With each solved block, BTC20 stakers will receive 50 BTC20 tokens. The project has a maximum supply of 21 million tokens, like the original Bitcoin.

14.95 million were stored in a staking contract as staking rewards, while 6.05 million were sold to the community. Smart contracts govern the whole process, and like BTC, the project will see 4-year halvings moving forward.

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