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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
filecoin moon crypto filusd
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Pack Your Bags: Filecoin Crypto Surges 300% Intraday Following Mainnet Liftoff

Tony "The Bull" by Tony "The Bull"
3 years ago
in Crypto
Reading Time: 2 mins read

The cryptocurrency market is known for some strange occurrences and insane rallies, especially during a bull market. In a flashback to almost four years ago during the crypto bubble, Filecoin, an ICO funded back in 2017 just launched its mainnet and immediately saw 3x returns.

Is this a sign the bull market is back for crypto assets or is Filecoin a project packing something special that attention must be paid to? Find out why FILUSD soared as high as 297% on launch day, taking those whose bags were packed to the moon and back.

To The Moon And Back In Minutes: Filecoin Does 3x Rally, Drops 50% Intraday

During the peak exuberance of the crypto bubble, “moonboys” were buying up altcoins in hopes of finding the next Bitcoin or Ethereum. ICOs were bought up by the dozen for this very reason, but it ultimately left investors burned except in rare cases.

ICOs and even Ethereum the tokens were built on fell as much as 90% or more after the bubble popped, and very few of those ICOs survived. Filecoin, however, a project created that back then within 30 minutes raised $200 million.

Related Reading | The Great Ethereum Debate: DeFi Versus ICOs

Fast forward to today, and Filecoin’s mainnet has just launched causing the asset’s price to rise almost as fast as funds were raised in August 2017.

? Filecoin is coming…

get ready for #FilecoinLiftoff

October 19-23https://t.co/8m58KD6qJI pic.twitter.com/vz3B3dSsx6

— Filecoin (@Filecoin) October 15, 2020

The relatively young crypto token has ballooned from around $30 per FIL at the time of its listing on Gemini and Kraken, to as high as $120 at the peak.

Related Reading | Will Next-Gen Altcoins Boom During Next Crypto Bull Run?

Volatility already has prices falling back to roughly $70 per FIL currently, but because prices are changing so rapidly, by the time you read this it will have changed 20% or more several times.

filecoin crypto altcoin pump

Filecoin Debuts To Immediate 3x Rally, Falls Back Almost 50% | Source: FILUSD on TradingView.com

Cryptocurrencies are volatile by nature, but when they debut to such a buying frenzy, valuations can skyrocket quickly. Filecoin was the fastest newly launched crypto project to reach a $1 billion valuation, for example.

Crypto industry pioneers say the project is “valuable” which is a rare nod in such a jam-packed and competitive marketplace. It is a protocol designed to support decentralized data storage sharing, built by Protocol Labs on top of InterPlanetary File System.

Currently, the platforms at which Filecoin trades on are few and far between, but following this recent trip to the moon, it is bound to be listed elsewhere – especially if the hype and momentum sustains.

Featured image from Deposit Photos, Chart from TradingView
Tags: altcoincryptofilfilecoinfilecoin futuresfilusdGeminiICOkraken
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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