Filecoin (CCC:FIL) is rapidly gaining attention in the crypto markets, hitting an all-time high on Thursday morning and overtaking other leading names. It seems investors are betting that FIL can disrupt other top tokens like Bitcoin (CCC:BTC). So what should you know about Filecoin (FIL) price predictions now?
Essentially, Filecoin is an open-source cryptocurrency and decentralized storage system. Its founder has compared the Filecoin mission to making a decentralized version of Amazon Web Services. As CoinMarketCap puts it, Filecoin incentivizes users to storage as much data as possible by linking data storage with block rewards.
This guiding purpose is one of the reasons FIL has gained more than 400% since the start of March — it offers a potential for blockchain document storage that Bitcoin does not.
However, cryptocurrency experts cite other reasons for the rise, and for the emerging Filecoin (FIL) price predictions. The system is set to reduce output later in April, and has also linked up with Chainlink (CCC:LINK). Perhaps even more importantly, Grayscale Investments showed Filecoin some love on March 17, launching a FIL investment trust. The new Grayscale Filecoin Trust is only open to accredited investors, but it has racked up institutional support in its first few days on the market.
Lastly, some experts are pointing to China, where interest in Filecoin is high. Daniel Roberts wrote for Decrypt that Filecoin mining activity is booming, as is FIL trading on the Huobi exchange.
With all this in mind, what Filecoin (FIL) price predictions should you be aware of?
Top Filecoin (FIL) Price Predictions
- Digitalcoin is bullish on Filecoin, setting a year-end target of $308.49. From there predictions call for FIL to top $430 in 2023 and near $600 by the end of 2025.
- Market Realist does not set a clear price target on Filecoin, but is bullish on the long-term applications of the document storage platform. Writer Mark Prvulovic says that it could attract users away from less secure platforms like Google Drive and Dropbox (NASDAQ:DBX).
- Akash Girimath wrote yesterday that price moves in Filecoin were starting to look bearish, especially after the crypto had rallied so extensively in March. He set a bearish short-term target on FIL near $115.
- Wall Investor is bullish on Filecoin, but sees a more muted trajectory. The site calls for FIL to hit $280 by March 2026. That is not far off from the new high it hit today.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.