Filecoin(FIL) Price Soars 9% as Active Miners and Number of Accounts Touch New Highs

Filecoin (FIL), the decentralized storage network token rose by 9% over the past 24-hours as key on-chain metrics for the altcoin recorded new highs. The price jumped from $58 to $65 in the past 24 hours and currently trading at $60.54, while the trading volume saw a 124% jump during the same time frame.

The number of active miners on the blockchain jumped to a new high of 2553 while the number of active addresses also recorded a new high of 1.0823 million. The rise in key on-chain metrics indicates a growing demand for decentralized storage networks.

FIL price recorded a new ATH in March this year reaching $237 right after its inclusion in Grayscale Trust. The price has been reduced to one-third of its ATH but bullish on-chain metrics could help the altcoin to continue its price ascend.

Filecoin’s popularity has helped it gain a spot on the Coinbase trading platform as well as get listed by Grayscale as a part of its crypto investment fund. China used to be one of the biggest markets for FIL during the peak of Alt Season.

FIL Price Need to Hold $55 Support

The altcoin has seen great demand from the Chinese markets at the peak of the bull run, however, the recent crackdown has led to a significant drop in trading activity from the region. At one point Filecoin was trading thrice the volume of BTC and ETH during the peak bull season.

The current bullish run has extended from $50 to a weekly high of $66, however, the price has started to decline again and would require to hold $55 support at the moment. If the FIL price fails to hold the mentioned support, the price could fall to sub $40 levels.

About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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