Filecoin (FIL) has gained considerable traction after being listed on South Korea’s leading cryptocurrency exchange, Bithumb.
Over the past 24 hours, FIL’s price increased by 7.31%, while its weekly growth reached 20.03%. At the time of writing, Filecoin was trading at $6.04 with a market cap of $3.74 billion and a circulating supply of 620 million FIL.
Bithumb Listing Sparks Market Activity
Bithumb announced the listing of Filecoin on its platform, with trading in the KRW market beginning on January 6, 2025. The exchange has implemented several safeguards to ensure a smooth launch. Buy orders will be restricted during the first five minutes of trading, and price fluctuations will be limited to +100% and -10% of the initial price, which was set at 8,680 KRW.
To prevent transaction issues, Bithumb requires users to adhere to its network and deposit guidelines. The exchange has emphasized the importance of following its policies to avoid delays or complications.
The announcement has fueled market interest, boosting Filecoin’s trading volume to $572 million in 24 hours.
Technical Indicators Point to Further Growth
Filecoin has broken out of a multi-year symmetrical triangle pattern, a development that analysts see as a positive signal. According to crypto analyst @WorldOfCharts1,
“Filecoin has cleared its multi-year downtrend, retested successfully, and formed a higher high. Technically, FIL is ready for a multiple X rally with a mid-term target of $30.”
Source: X
The accompanying chart shows Filecoin’s successful breakout, retest, and formation of a higher high. This pattern is often associated with bullish momentum, suggesting the potential for further price increases if conditions remain favorable. The technical outlook aligns with the broader market’s growing interest in Filecoin.
Rising Open Interest and TVL Strengthen Filecoin’s Position
Filecoin’s futures open interest (OI) has risen significantly, according to Coinglass data. OI climbed from $242.34 million on January 3 to $358.30 million on January 5, marking the highest level since December 2024. This indicates fresh capital entering the market and heightened trading activity around Filecoin.
Source: Coinglass
Additionally, DefiLlama data shows a steady increase in Filecoin’s Total Value Locked (TVL). FIL’s TVL rose from $67.69 million to $93.12 million within a week, reflecting growing activity within its decentralized applications.
This increase suggests that more users are utilizing Filecoin-based protocols, strengthening its ecosystem.
Advancements in Decentralized Storage
Messari’s “The Crypto Theses 2025” report highlights advancements in Filecoin’s ecosystem, including Fast Finality (F3) and a 30% increase in storage utilization. The report notes, “Filecoin is shaping the future of decentralized storage,” emphasizing the platform’s growing relevance in the industry.
As the new year begins, the findings from @MessariCrypto's Theses for 2025 remain a testament to Filecoin's growing momentum. From nearly 30% storage utilization growth to advancements like FWS and Fast Finality (F3), Filecoin is shaping the future of decentralized storage. pic.twitter.com/zQZBb1zdii
— Filecoin (@Filecoin) January 5, 2025
With rising trading activity, increased adoption, and technological advancements, Filecoin is positioned as a key player in decentralized storage. The combination of technical developments and the Bithumb listing supports its growing role in the cryptocurrency market.
FAQs:
What is Filecoin’s current price and market cap?
Filecoin (FIL) is priced at $6.04 with a market cap of $3.74 billion.
Why is Filecoin gaining attention?
A Bithumb listing, technical breakout, and rising TVL are boosting interest in Filecoin.
What is Filecoin’s mid-term price target?
Analysts project a mid-term target of $30 based on technical analysis.
The post Filecoin (FIL) Analysis: Bithumb Listing Sparks Rally and $30 Target Predictions appeared first on Coinfomania.
