Filecoin (FIL) is seeing marginal slip in price amid broader bullish start to 2023
With most altcoins showing good signs of growth in the first days of 2023, Filecoin (FIL) has recorded a unique uptick in tandem with its peers. As of the time of writing, Filecoin is trading at $3.18, down by 0.71%, per data from CoinGecko. The slowing growth, which is antagonistic to the general market trend, took the opposite inclination to its trading volume, which has shot up by 9% over the past 24 hours.
The slowing growth of Filecoin has not negated its chances of closing the first trading week of the year in the red. Per the CoinGecko data, FIL is still maintaining a bullish run on the weekly chart, shooting up 5.8% within the time frame and by 13.2% over the past 14 days.
For close to two years, the Filecoin community has anticipated the delivery of the supposedly superior contract technology promised by the protocol for decentralized storage. From strained adoption to the harsh sentiment that engulfed the broader market, Filecoin’s price has remained subpar when compared to similar projects released around the same time.
Filecoin hit its peak price of $236.84, and at its current price, it is down by over 98%, and reclaiming the top may come off as a major hurdle.
Filecoin’s fight for relevance
Filecoin was designed and branded as a decentralized storage system that aims to “store humanity’s most important information.” While it was appreciated as a very promising protocol when it launched – considering the high-profile venture capitalists that backed it at the time – getting the right usage has remained a hurdle.
With cloud storage providers like Amazon Web Services (AWS) and Microsoft Azure still the favorite, even for Web3.0 protocols, the fight for relevance for Filecoin will transcend just its ecosystem development and its bulls’ attempt to keep its native coin afloat.