Filecoin (FIL) Loses Steam But Maintains Its Weekly Bullish Growth

Decentralized storage protocol Filecoin has a good start to the year despite current price slips

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.With most altcoins showing good signs of growth in the first days of 2023, Filecoin has recorded a unique uptick in tandem with its peers.

The slowing growth of Filecoin has not negated its chances of closing the first trading week of the year in the red. Per the CoinGecko data, FIL is still maintaining a bullish run on the weekly chart, shooting up 5.8% within the time frame and by 13.2% over the past 14 days. For close to two years, the Filecoin community has anticipated the delivery of the supposedly superior contract technology promised by the protocol for decentralized storage. From strained adoption to the harsh sentiment that engulfed the broader market, Filecoin's price has remained subpar when compared to similar projects released around the same time.

Filecoin hit its peak price of $236.84, and at its current price, it is down by over 98%, and reclaiming the top may come off as a major hurdle.Filecoin was designed and branded as a decentralized storage system that aims to"store humanity's most important information." While it was appreciated as a very promising protocol when it launched - considering the high-profile venture capitalists that backed it at the time - getting the right usage has remained a hurdle.

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