Filecoin (CCC:FIL-USD) is on a tear today. One of the industry leaders in blockchain storage, the company is seeing a rebound from its downward drilling. Now, it appears primed for a breakout thanks to the interest in low-energy green coins. Filecoin (FIL) price predictions are looking bullish.
Filecoin has been on a downtrend even before the market correction that rocked cryptos in recent days. But, things are starting to take a turn for the better. Elon Musk and Tesla (NASDAQ:TSLA) catalyzed the price consolidations, ending Bitcoin (CCC:BTC-USD) payments on Tesla purchases. Musk is basing the decision on the energy consumption needed to mine Bitcoin and process transactions.
Since then, investors are turning toward more energy-efficient solutions. Cardano (CCC:ADA-USD) and Stellar Lumens (CCC:XLM-USD) are both popular options, as is the newer Chia (CCC:XCH-USD). But, while it’s not marketed as a green coin, Filecoin still is an energy-efficient, easy-to-mine altcoin that investors could turn to in the wake of eco-conscious crypto investing.
Filecoin is a blockchain data storage service; it exists as a direct competitor to data clouds like Amazon’s (NASDAQ:AMZN) S3 and Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google Cloud. It offers a decentralized storage method where users offer up their unused hard drive space to store data, which can be retrieved locally at lightning-fast speeds.
It’s through a simple hard drive that mining happens. Like with Chia, miners can simply allocate their open hard drive space to mine FIL. The more space one allocates, and the higher bandwidth one can offer, the more FIL they mine. It doesn’t utilize energy-sapping proof-of-work algorithms, either.
Filecoin (FIL) Price Predictions: Could FIL Be a Green Coin Play?
Filecoin is finally breaking its multi-day slump. The coin has rocketed 29% to a price of over $88. It’s also seeing a nearly 11% boost in trading volume.
Filecoin doesn’t market itself as a green coin, but it certainly an energy-efficient play. Could Filecoin leverage this and build up some big gains through 2021? Let’s see what analysts are saying:
- WalletInvestor is predicting big swings for FIL, placing a $348 price on FIL in a year’s time.
- DigitalCoinPrice is calling for slower gains, but is still bullish on Filecoin. The site says that by the end of 2021, FIL will have a $138 value.
- The Economy Forecast Agency is a FIL bear; they say the coin’s value will increase briefly but ultimately drop below $80 by December.
- Coin Price Forecast predicts a high valuation of $353 by year’s end.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
