Filecoin saw a huge 10% surge after easing off selling pressure to become one of the best-performing assets in the last week. This was after Bitcoin led the market-wide jump, attempting to reignite the charge to re-enter the $100k mark. The surge was evident in the cumulative market cap, which is around $3.5 trillion.
Filecoin’s 12% surge in the last 24 hours has been attributed to the listing announcement made by one of the biggest exchanges in South Korea, Bithumb. The move has also triggered enthusiasm in the entire market, with Open Interest on Filecoin growing by 20%.
Filecoin surges by 21% in one week
Bithumb announced in a post on January 6 about its plans to list Filecoin in the KRW market. The exchange announced its initial set price, adding guidelines for safe trading for buyers and sellers. Its initial reference price was pegged at 8,680 KRW while highlighting its limit on buying and extreme sell orders.
The announcement worked like magic, pushing Filecoin to $6.23, up by 12% in the last 24 hours. Filecoin has now registered a 21% price surge in a week, as opposed to its 23% decline in the past month. The token is presently trading at $6.08, with its trading volume seeing a boost of 180% to stand at $524 million in the last 24 hours.
Futures have also exploded, with CoinGlass data showing that futures volume is around $712 million, a 200% rise over the last 24 hours. Open interest has also surged, led by Binance’s $142 million and OKX’s $66 million. The total open interest is also up by 20% to $363 million. CoinGlass data also shows that about $3 million worth of bets on FIL have been liquidated. More than $1.8 million of the figure was on shorts, banking on the value of the asset to tank.
Messari awards FIL as DePIN leader in 2024
Messari announced Filecoin as the leader of its DePIN category in 2024. The company hinted at its exciting advancements in 2025, hailing it as the next big thing in the crypto sector. The company noted strong demand for Filecoin’s services as a result of its consistent increase in storage. The company’s utilization underwent huge growth, growing from 18% in Q4 2023 to 30% in Q3 2024.
Messari’s report highlighted the debut of Filecoin’s Web Services (FWS) framework. It also noted that the Waffle upgrade and Filecoin Fast Finality (F3) were launched to address several scalability and efficiency issues. F3 will see to it that transaction finality time is reduced by 450x and block finalization will be lowered from about seven hours to minutes.
The report also highlighted that Filecoin entered into a partnership with SingularityNET and Theoriq AI to deepen its role in decentralized AI infrastructure. This will help new projects build on Filecoin, which will in turn help to expand its ecosystem.