Filecoin (FIL) is a decentralized storage network designed to turn cloud storage into an algorithmic market. The native token, FIL, facilitates transactions and secures the network. This article provides a detailed look at its current price, market performance, and key metrics.
Real-Time Filecoin (FIL) Price Overview
The live Filecoin price is $2.298**, reflecting a change of **-5.74%** over the last 24 hours. The trading range for the day shows a low of **$2.298 and a high of $2.439.
Tracking these fluctuations is vital for investors and users who rely on the network for decentralized data storage solutions.
Key Market Metrics and Data
Understanding Filecoin's market position requires analyzing its core statistics. Here is a snapshot of its current market data:
- Rank: 36
- Market Cap: $1.562B
- 24-Hour Volume: $167.594M
- Circulating Supply: 679,745,973 FIL
- Total Supply: 1,959,000,000 FIL
- All-Time High: $238.20
These figures indicate Filecoin's standing within the broader cryptocurrency ecosystem, with a market dominance of approximately 0.05%. The percentage of the total supply currently in circulation is 34.69%.
For those looking to dive deeper into the network's technical foundations, the project's whitepaper is an essential resource. 👉 Explore the technical documentation here
Analyzing Trading Volume and Market Activity
Trading volume is a critical indicator of market liquidity and investor interest. Filecoin has demonstrated significant activity across various timeframes:
- 24-Hour Volume: $167.594M
- 7-Day Volume: $1.056B
- 30-Day Volume: $4.586B
This sustained volume suggests a healthy level of trading and consistent engagement from the crypto community. High volume often correlates with better price stability and easier entry and exit points for traders.
Where to Trade Filecoin (FIL)
FIL is traded on numerous major cryptocurrency exchanges around the world, paired with various currencies like USDT, USD, and BTC. The following table highlights some of the top platforms by trading volume.
| Exchange | Trading Pair | Price | Volume (24H) |
|---|---|---|---|
| Huobi Global | FIL/USDT | $2.30 | $62.162M |
| OKEx | FIL/USDT | $5.92 | $16.033M |
| Binance | FIL/USDT | $2.29 | $12.412M |
| Bkex | FIL/USDT | $3.62 | $3.963M |
| BingX | FIL/USDT | $2.29 | $3.539M |
It is always recommended to conduct your own research to choose an exchange that aligns with your security, liquidity, and regional requirements.
The Role and Utility of the FIL Token
The FIL token is the lifeblood of the Filecoin network. It is used for several key functions:
- Storage Fees: Clients pay miners in FIL to store their data.
- Retrieval Fees: Clients pay miners in FIL to retrieve stored data.
- Mining Collateral: Miners must stake FIL as collateral to guarantee their reliable service.
- Network Governance: Token holders can participate in network governance decisions.
This utility drives demand for the token beyond mere speculation, anchoring its value in a functioning digital economy.
Frequently Asked Questions
What is Filecoin (FIL) used for?
Filecoin is a decentralized storage network that allows users to rent out unused hard drive space or purchase storage space from others. The FIL token is the medium of exchange for all transactions on the network, including paying for storage and retrieval services and securing the network through miner collateral.
How does Filecoin's price volatility affect users?
Price volatility can impact the cost of storage and retrieval services for users paying in FIL. However, many service providers offer stablecoin pricing options to mitigate this effect. For miners, volatility affects the value of their staked collateral and their earnings.
What factors influence the price of FIL?
The price of FIL is influenced by broader cryptocurrency market trends, adoption rates of the Filecoin network, changes in protocol governance, the overall demand for decentralized storage solutions, and general investor sentiment.
Can I use Filecoin for personal data storage?
Yes, individuals can use Filecoin to store personal data in a decentralized manner. The process involves using a client application to find a storage miner, agree on a price, and send the data for storage. Retrieval works similarly by finding a miner who can provide the data quickly.
What is the difference between total supply and circulating supply?
Total supply refers to the maximum number of FIL tokens that will ever exist. Circulating supply is the number of tokens that are currently publicly available and trading on the market. A portion of the total supply is locked, reserved for mining rewards, or held by the project treasury.
Where can I securely store my FIL tokens?
FIL tokens can be stored in any cryptocurrency wallet that supports the token standard. Options include hardware wallets for maximum security, software wallets for convenience, and even some exchange wallets for active trading, though the latter is less secure for long-term holdings. 👉 Discover secure storage strategies