Filecoin (FIL) Price Up 65%, Is China Narrative Behind The Rally?

With Hong Kong’s recent crypto announcement, many native tokens of shared storage protocols have soared over the past week. Decentralized storage network Filecoin’s native token FIL has been rapidly rising due to the anticipated launch of FVM, soaring from just above $5 a week ago to $8.47 on Wednesday, a more than 65% gain, according to CoinMarketCap data.

China’s Love for Filecoin

There are many reasons why China prefers Filecoin. For example, its uneven domestic investment landscape and rigid stand on capital controls. This has led investors to seek reputable cryptocurrency to facilitate financial interaction with the world. Filecoin’s association and storage mining tag makes it attractive to the Chinese community.

China’s Bitcoin Outperforming Major Cryptos

FIL has outperformed bitcoin (BTC) and ether (ETH), which have risen 5.82% and 3.24%, in the past seven days, respectively. At the time of writing, the price of Filecoin was trading at around $8.47, with a 24-hour trading volume of $1,177,434,248 (up by 55.65%). Remaining strong at the 22nd position, FIL has achieved a surge of 66.42% within a week. The trading volume has increased by 61.22% in the last 24 hours, indicating an increase in interest among traders.

On April 1, 2021, FIL reached its highest price of $236.84, which shows that the current value is more than 96% down from its all-time high price. On the other hand, the coin is 192.88% higher than its all-time low price of $2.64 on December 16, 2022.

Meanwhile, Bitcoin tried its hand at overtaking $25,000 once again on Tuesday, but strong resistance at 200-WMA caused prices to fall back to $23,982.95. Ethereum price also lacked the necessary fuel influenced by the downturn in Bitcoin price and the selling pressure for the smart contract token.

Also Read: Top China Coins Ready To Skyrocket

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