Filecoin (FIL), Price up 65%, Does China Narrative Make It Outperform Major Cryptos?

Many native tokens of shared storage protocols in Hong Kong have seen a surge in value since the announcement of crypto. The expected launch of FVM has seen Filecoin’s native token FIL rise rapidly from $5 a week earlier to $8.47 Wednesday. This is a more than 65% increase according to CoinMarketCap data.
China’s Love for Filecoin
China is a big fan of Filecoin for many reasons. China’s inequal domestic investment landscape and strict capital controls are just two reasons why Filecoin is so popular. Investors have turned to reputable cryptocurrency to facilitate financial interactions with the rest of the world. Filecoin’s association with storage mining tags makes it attractive for the Chinese community.


China’s Bitcoin outperforms major cryptos
FIL has outperformed bitcoin and ether (ETH) which have increased 5.82% and 3.24 respectively in the past seven-days. Filecoin’s price was $8.47 at the time of writing. It had a 24-hour trading volume $1,177,434,248 which was an increase of 55.65%. FIL is still strong at the 22nd spot and has seen a 66.42% increase in trading volume within a week. In the last 24 hours, trading volume increased by 61.22%. This indicates that traders are more interested in trading.

Source: CoinMarketCapFIL’s highest price was $236.84 on April 1, 2021. This shows that the current price is more than 96% lower than its all-time high. The coin’s current price is 192.88% more than its December 16th, 2022 low of $2.64.

Bitcoin tried to overtake $25,000 on Tuesday, but strong resistance to 200-WMA caused prices back to $23,982.95. The selling pressure and downturn in Bitcoin prices also had an impact on the Ethereum price.
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