• Sat. Jun 22nd, 2024

Filecoin’s Trading Price Shoots Up By 70% In A Week While Bitcoin Experiences A Decline

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Feb 20, 2023

In the past 24-hours, Bitcoin (BTC) had made yet another attempt to reclaim the $25k mark. However, things did not work out well for the largest crypto asset as its price kept getting pulled to the lower side.

The traders did try to increase their buying power to push the asset’s price higher. Unfortunately, their buying efforts did not work out well and the investors kept on selling BTC on a higher scale.

This eventually resulted in the bulls backing down on their efforts, which caused the trading price of BTC to experience yet another downtrend.

As the price of BTC came close to hitting the $24,500 mark, the bulls were stopped in their tracks. The bulls were not able to make it past the particular level and BTC failed to hit $25k again.

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It simply shows that the bulls were rejected at the particular level from hitting the $25,000 mark in the past 24-hours.

In addition to Bitcoin, most of the altcoins have also witnessed a downtrend in their trading price. Most of the coins have lost their volatility and have reportedly calmed down in recent trading sessions.

Filecoin Demonstrates a Strong Performance

While most of the altcoins have recorded downtrends in their performance, Filecoin has simply demonstrated strong performance.

The performance chart of Filecoin shows that the asset has recorded a double-digit pump in the past 7-days. The statistics show that the price of FIL has continued surging despite the overall market downtrends.

In the past 7-days, Filecoin has proven to be highly volatile, which means that its price has continued surging.

The price of FIL has continued surging throughout the week and the past three days were full of strong rallies. The past three days recorded consecutive double-digit pumps, which is quite significant for FIL.

The past 24-hours have been even better for the digital asset. This is because, in the past 24-hours alone, the trading price of FIL has been pushed up by 18%.

As for the past 7 days, the overall surge FIL has recorded is over 70%, which goes to show that the token has hardly faced any impact from the overall market downtrend.

Altcoins Demonstrated Strong Gains as Well

FIL is not the only cryptocurrency asset that has recorded strong gains. Several altcoins have recorded strong gains as well, and their values have continued surging in the respective period as well.

However, there is no other asset that is able to compete with the recent price surge recorded by FIL.

Other major altcoins that have recorded double-digit gains in the same period are GRT, VET, HBAR, and Chainlink. The surges these cryptocurrencies have recorded in the mentioned period are more than 10%.

Performance of Top-10 Crypto

Just like Bitcoin, the majority of the top-10 cryptocurrencies were not able to demonstrate strong performances in the recent sessions.

Their performances have mainly remained weak and calm throughout the week. However, the trading session that took place today recorded even calmer performances for the major assets.

Cryptocurrencies such as Shiba Inu, OKB, Polygon, Ripple, Binance Coin, and Ethereum have all recorded calm performances.

These assets were not able to register any significant gains. Instead, their trading prices recorded declines but they were minor.

As for other major cryptocurrencies such as Polkadot, Dogecoin, and Cardano, their performances recorded major losses.

Their prices recorded huge losses in today’s trading session, which is not promising for altcoin investors.

Despite the market downtrend, it is Bitcoin whose dominance is leading the entire cryptocurrency industry.

The CoinMarketCap report shows that the dominance of the largest cryptocurrency still stands at 42.5%.

Although the crypto market has suffered from losses recently, still its overall market capitalization has not lost its weight.

The overall cryptocurrency market valuation still stands over the $1.15 trillion mark.

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