Will Filecoin Reach $500?

Last Updated January 14th 2022

6 Min Read

Will the price of Filecoin Reach $500? This is possible in the long term. Filecoin's price has fallen by over -88% since its all-time high, but it still has a lot of room to grow.

The Filecoin asset had an all-time high of more than $237 dollars (which came back in early April 2021).

It remains unclear if we will see a new all-time high in 2022 or 2023, but in the long term, it seems plausible that we will see a price of more than $500 dollars.

We have to take into account the fact that even if Filecoin was overvalued during its ICO, at the moment, it is still undervalued and has a lot of potential for growth.

Filecoin is a completely legit company and was one of the biggest ICOs in history, so it's also possible that we see an even bigger all-time high if their product proves to be useful for many blockchain projects.

Filecoin Current Price

Filecoin is currently trading at $28.62 and had an all-time high of $237 dollars. This means that the coin has lost more than 88% of its peak value but is still a long way up from its all-time low of $1.83.

The asset has a market of $4 billion with a fully diluted market cap of the same amount. This makes it the 38th most valuable cryptocurrency by market capitalization.

Filecoin consolidated between $60 and $70 for some time in the last months of 2021. In fact, the coin didn't go beyond $70 since early October 2021. In November it went to $59 then rose again to $61.19.

At the time of writing, Filecoin is recording a 24-hour trading volume of $566 million, which is around 22.44% more than the previous 24 hours.

The market cap has declined by more than 5% in the last 24 hours, the price too.

This means that FIL is currently on a steady uptrend and might record some plausible gains in the next week.

The digital asset has a total supply of 147,799,573 FIL, all of which are in circulation.

So What Will It Take For Filecoin To Reach $500?

Filecoin's price is still low compared to its all-time high, which means that it has lots of room for growth if the market sentiment improves.

The good thing here is that there is no real reason why Filecoin should not recover or grow in value again.

This does not mean that this will happen soon, but in the long term, it seems likely that we will see a price of at least $500 dollars for Filecoin cryptocurrency.

For this to happen, several factors must come into play. First of all, the user base needs to grow.

Protocol Labs has a strong community, and many people are seeing Filecoin as having great potential. Because of this, the company may be able to increase its user base.

Another thing that could help is more exchanges listing this cryptocurrency. Right now, it can only be purchased on a few exchanges. This means that there are lots of people who cannot invest in Filecoin because they don't have access to these crypto exchanges. Still, more investors may want to look into this project and invest in it because of its decentralized nature.

Filecoin will also need to outsmart its competitors. Although the decentralized storage isn't exactly crowded, there are still some very competent players giving Filecoin a run for its money.

So, if Filecoin hopes to increase in value, it would have to offer something that these other players cannot compete with.

In the long term, Filecoin might be able to increase its value even more once large companies start using it for cloud storage. This is where the real money is at right now, considering how big companies have been investing a ton of money in this sector over the past few years.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Should I HODL FIL Until It Reaches $500?

If you have enough patience and believe in the future potential of Filecoin, then you should consider holding it.

However, if you are looking for short-term gains, then it would be best not to hold onto this coin. It will take some time before Filecoin recovers and reaches $500.

Right now, the price is still pretty low, which means that there might still be room for growth, but it is unlikely that this will happen in the next month or two.

So, you would have to hold for a pretty long time before FIL can reach this price point. We can't say exactly when, but looking at the current predictions, you might be looking at the next 3 to 10 years.

For this kind of strategy to be profitable, you will need to buy a substantial amount of coins, otherwise, it may not be worth it. For instance, if you invest $10,000 now and FIL reaches $500 in the next 7 years, you should be able to make a substantial profit.

Having said that, don't forget to only invest what you can afford to lose.

Will Filecoin Eventually Reach $1,000?

Although Filecoin currently seems to have a lot of upside potential in the near future, reaching $1,000 is really a long-term goal.

In fact, it seems more likely that this coin will reach a price of up to $500, which is already almost 10 times higher than its current price.

Still, anything could happen in the future. If Filecoin manages to outgrow its competitors and gain traction, then it would not be surprising to see this cryptocurrency grow exponentially in value to reach $1,000 within the next few years.

But this is not going to be easy. The coin has recorded a lot of stagnated growth, and we might not be seeing price jumps any time soon.

But here is the thing. Even if Filecoin might not reach $1,000 within the next five years or so, we are confident that it will record some plausible growth. Cryptocurrencies are becoming more and more popular every day, and this may affect FIL's price in a positive way in the future.

However, if you are investing in the long term and eyeing this price point, then you should know that it will take some time to reach this level.

Also, Filecoin might have to solve some of its scaling issues before expecting to see growth at this point. This is not something out of the ordinary for cryptocurrencies, but it could be an important factor in the relative future.

Check Out: Filecoin Price Prediction for 2025 and 2030

Conclusion

Whether or not Filecoin will reach $500 or even $1,000 is really hard to predict right now. We might see some stagnation with this cryptocurrency before it can start recording solid gains again.

But there are many positive aspects for this project that could help Filecoin increase in value in the near future. These include the fact that it is a decentralized storage company, the strong community the project has behind it and of course, more exchanges listing this cryptocurrency.

So, Filecoin might be one of those blockchain projects whose market value will increase substantially in the long term once real adoption occurs. While this might not happen any time soon, we believe that this coin might be one of those that can reach its goals in the future.

It all comes down to whether or not the cryptocurrency market will keep growing and if Filecoin will be able to outcompete its competitors along the way. Only time will tell how things play out, but for now, it seems like a long-term hold is best for this digital asset.