2024-02-25 20:06:17
Thanks to a key partnership with Solana and the growth of the AI sector, Filecoin is soaring.
Arthur Hayes, a BitMEX according to its co-founder’s prediction, the value of the digital asset could rise to $100.
Filecoin jumped to a new annual high due to major developments in its system.
The price of the decentralized storage protocol FIL token rose to a yearly high of $8.57 before correcting slightly to $7.92.
Notably, among the top 25 cryptocurrencies by market capitalization, FIL is the only digital asset that got the green light in the last 24 hours, rising more than 7% during the period under review.
Over the past 30 days, FIL has gained more than 63.61% and is up 15% year-to-date. Despite the increase, Filecoin is down 96.54% from its April 2021 all-time high of $236.965.
FILUSDT, Binance
Reasons for the increase in value of Filecoin
The development of the FIL exchange rate can be traced back to several reasons. Among other things, the latest developments within the ecosystem and the narrative of artificial intelligence (AI) currently permeating the wider market.
Last week Filecoin announced its association with the leading blockchain network Solana.
According to the announcement, the collaboration will ensure seamless access for infrastructure providers, browsers, indexers and anyone who needs historical access to Solana’s block history.
By leveraging Filecoin’s decentralized storage capabilities, Solana can implement data redundancy, scalability, and enhanced security while remaining true to its decentralized ideal.
In addition to these, market observers highlighted today’s AI narrative as another reason for FIL’s bullish price.
Recent reports have revealed that AI-related tokens have grown rapidly after OpenAI announced its AI-powered video generation service, Sora. Also, Nvidia’s recent earnings report showed huge demand for generative AI.
Arthur Hayes, co-founder of the BitMEX exchange, said in this regard: “Everything related to AI is going to soar.” In his opinion, all this could pump the FIL price to $100.
The protocol’s recent report also highlighted that the availability of products and the demand for products had increased in the previous year. The protocol has attracted more than 1,800 new big data clients, and more than 180 to Singularity alone.
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