FIL (Filecoin) down 5.31% in the last 24 hours

Gate News Bot Message, November 12th, according to CoinMarketCap data, as of press time, FIL (Filecoin) is priced at $2.27, down 5.31% in the past 24 hours. The highest price reached $3.88, and the lowest dropped to $1.33. The 24-hour trading volume is $497 million. The current market capitalization is approximately $1.613 billion, a decrease of about $90.429 million from yesterday. Currently, FIL ranks 51st in cryptocurrency market capitalization.

Recent important news about FIL:

1️⃣ Collaborating with Avalanche to Build a Cross-Chain Data Bridge Filecoin is working with Avalanche to develop a native cross-chain data bridge connecting the Filecoin Virtual Machine and Avalanche C-Chain. This partnership aims to create modular cross-chain infrastructure, potentially enhancing Filecoin’s interoperability and expanding its application scenarios within the cross-chain ecosystem, thereby increasing FIL’s utility and market appeal.

2️⃣ Transforming into an On-Chain Cloud Service Filecoin is shifting from a traditional storage network to an on-chain cloud service. The official website has been launched, and a waitlist is open for applications, indicating active efforts to expand its service offerings. This strategic transformation could attract more enterprise users and bring new growth momentum to FIL.

3️⃣ Overall Strengthening of the Storage Sector Storage-related cryptocurrencies have recently shown an upward trend, with FIL, as a representative project in this sector, experiencing gains of over 100%. This reflects renewed market interest in decentralized storage solutions and may signal a new development opportunity in this field.

From a technical perspective, FIL’s price has experienced a significant short-term rally, breaking through multiple resistance levels. However, the latest data shows a pullback, and investors should be cautious of further declines. Fundamentally, Filecoin continues to push technological innovation and ecosystem expansion, which could support FIL’s long-term value. Nonetheless, short-term market sentiment remains a key factor influencing the price.

This message is not investment advice. Please be aware of market volatility risks.