Filecoin’s FIL is up 19.4% today.
Filecoin Jumps on Market Rally
Filecoin is outperforming the rest of the cryptocurrency market.
The decentralized storage network’s FIL token has jumped 19.4% today, outpacing most major crypto assets like Bitcoin and Ethereum. Several other tokens, including Polkadot’s DOT and Kusama’s KSM, have also rallied, though Filecoin is today’s strongest performer on crypto’s top 100 leaderboard. Per CoinGecko data, it’s currently trading at $9.90, up 75% over the past week.
The uptick comes during a volatile period in the crypto market. Prices have trended down for months amid macroeconomic tensions, market exhaustion and the collapse of giants like Terra and Three Arrows Capital, but the market started to show hints of a recovery in July. Last week, the Federal Reserve hiked interest rates by another 75 basis points, while the Bureau of Economic Analysis revealed that the U.S. economy had shrunk for a second consecutive quarter, signaling the start of a “...
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