Filecoin price increased dramatically

Over 3 years since the ICO event, Filecoin has been listed on major exchanges. And recently, after the launch of the mainnet, the value of this cryptocurrency has grown rapidly.

FIL prices speed up

Filecoin - built by Protocol labs - is a decentralized storage network, used to store important information of users. The project previously raised funds during an ICO event and planned to launch the mainnet in mid-2019.

However, this event was later delayed several times for various reasons. Until October 15, 2020, they were released with an initial volume of 148,888 and a maximum supply of 2 billion coins.

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Currently, the price of Filecoin (FIL) is trading at $ 57.81 with a whopping 130% gain. Market capitalization increased to nearly $ 900 million, helping the asset's ranking on Coinmarketcap rise to 26th.

There will be a boring fourth quarter

Historically, the fourth quarter has often been relatively tedious as we saw in 2018 and 2019. During those times, the leading cryptocurrency has suffered losses against the dollar. America.

Based on historical trends and phenomena that are supposed to signal the end of a bull run spanning months, many traders believe there is a high chance the market will enter a period of consolidation.

Michael van de Poppe - a professional trader at the Amsterdam Stock Exchange - says it is very likely that there will be an altcoin season in early 2021. He wrote:

I believe we will see a relatively boring and disturbing quarter for the cryptocurrency market. In the past, ETH often bottomed out in December to start running next quarter. BTC dominance will increase, for an altcoin season in Q1 2021. Keep patient!

Bitcoin dominance is on the rise

According to data from CoinMarketCap, Bitcoin's dominance over the rest of the crypto market is on the rise.

Since September 21, Bitcoin's dominance index has increased from 58.28% to 58.6%. While this is by no means a major increase, it represents a clear recovery from a recession that has spanned the past year.

The dominance index is often an accurate measure of the trend of the altcoin market, and many traders believe that a decline in Bitcoin dominance is often followed by the upside of the altcoin.