Here’s Why Filecoin Price Is Skyrocketing Today

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The cost of Filecoin has risen by 12% due to heightened market excitement after Bithumb, South Korea’s largest exchange, announced a major listing. This sudden increase in price shows an increasing desire for the asset as more investors take notice. Furthermore, Filecoin’s futures open interest increased by over 20%. As Filecoin becomes more popular in the competitive crypto market, it’s crucial to remember that virtual assets carry their own set of risks, so traders should exercise caution.

Filecoin Price Soars After Bithumb’s Major Listing Announcement

Sixth of January marked the announcement by South Korea’s top cryptocurrency exchange, Bithumb, that they would be listing Filecoin (FIL). This news led to a 12% increase in its price. The announcement has sparked interest from investors, further establishing FIL as a significant player in the competitive crypto market. Given Bithumb’s reputation for trustworthiness, this listing has boosted traders’ confidence.

Filecoin tokens can now be traded on the Korean Won (KRW) market through Bithumb. To maintain transparency, Bithumb has provided an initial price reference for Filecoin at 8,680 KRW. It’s important to note that this platform only supports the Filecoin network and deviations from its policies could lead to processing complications. Users are also encouraged to follow system guidelines to ensure smooth transactions.

As a researcher studying safe trading practices, I’d like to inform you about some initial measures we’re implementing to ensure a secure environment for all users. During the first five minutes of transactions, both buying and selling orders will be temporarily restricted. Additionally, any sell orders exceeding +100% or falling below -10% of the base price will also be restricted.

It’s important to note that, given the volatile nature of digital assets, we strongly advise users to exercise caution when investing. Bithumb has issued guidelines regarding deposits and account restrictions, which all users should carefully follow for their own protection.

According to Messari’s statistics, Filecoin was the frontrunner in the DePIN category during the year 2024. The firm suggested advancements for 2025, expressing that they are currently working on the “next phase” of their development in this year.

FIL Performance and Rising Futures Volume Spark Optimism

Right now, the price of Filecoin is at $6.23, which represents a 12% increase in the last day. Over the past week, its price has gone up by 25%, and it’s shown an impressive 65% rise during the last quarter. In the past 24 hours, its lowest price was $5.517 and the highest was $6.282. Filecoin’s market capitalization stands at $3.84 billion, and its trading volume is $454 million, indicating robust market activity for this cryptocurrency.

Based on Coinglass data, the trading volume for Filecoin futures surged to a staggering $712 million following a massive 200% increase over the past 24 hours. Moreover, there was a significant 20% rise in open interest, pushing it up to a whopping $363 billion. This surge indicates a growing confidence among investors in the asset. Notably, Binance, one of the leading crypto exchanges, holds an open interest of $142 million, with OKX and Bitget closely following with $66 million and $60 million respectively. This heightened activity implies that both institutional and retail traders are keen on potential increases in the price of Filecoin.

Beyond what’s already been stated, listing a cryptocurrency on a significant exchange triggers the full opening of its market, attracting new interest and demand. This expansion invites a broader spectrum of traders and investors to participate. For instance, the prices of tokens such as Peaq and Vana Network skyrocketed upon their listing on Bithumb. The sustained price rise in Filecoins suggests that major exchanges play a crucial role in the market’s dynamics, contributing to the long-term growth of other tokens’ value.

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2025-01-06 09:47