Filecoin (FIL) has made significant gains over the past week in unison with the rise in the overall cryptocurrency market, making it the top gainer over the past week among the top 100 cryptocurrencies by market capitalization.
The price of Filecoin has steadily increased over the past six weeks, and as a result, it is currently worth $10.04, up 20.3 % in the last day, with a market size of $2.4 billion.
Buyers were able to exit a six-week consolidation period that had been going on below the $6.3 resistance level thanks to this quick gain. Additionally, recent price action has broken above the $9.3 resistance level, which may be a sign that the bulls are preparing to advance again.
Demand has increased, which is in line with the recent improvement in the broader market dynamics that followed the rise in interest rates, and as a result, FIL prices have broken above the consolidation range.
Furthermore, during the past several days, there have been notable increases in FIL’s social dominance index. It’s probable that this increased exposure and drew in other investors. Its price has been comparatively steady, which is a strong sign of a strong price pump.
Filecoin is the crypto with the largest 7-day increase
Notably, Filecoin tops the top 100 pack with the biggest gains in the past week, rising as much as 77%, followed by yearn.finance (YFI), surpassing 69 percent, Oasis Network (ROSE), surpassing 69 percent in weekly gains, Ravencoin, surpassing 48 percent, and Ethereum Classic (ETC), which gained over 49 percent and saw $1.7 billion in inflows, according to CoinMarketCap statistics retrieved on July 27.
Currently, the bitcoin market is undergoing considerable change, and more financial resources are getting involved. The market capitalization of FIL also reached a high of $2.77 billion, tripling over the previous week’s value. In fact, Filecoin’s market worth increased by $450 million in just the previous day.
It was recently discovered that venture capital firm Holon Global, which invests in digital assets, has started three distinct cryptocurrency funds, one of which was for FIL.
It is unclear if the substantial increase might be linked to Holon Global’s recently launched FIL fund. On the other hand, such a fund would undoubtedly increase FOMO and make FIL accessible to high demand.
Despite this, individuals who have invested in FIL will be happy to learn that a large sum of money is once more being directed toward the cryptocurrency. FIL might be in for better times now that it has regained investor interest.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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