The cryptocurrency market appears to be in the hands of the bears, with traders selling their digital assets. The majority of the market has been locked in a sideways channel for the past two weeks, and the Filecoin price has followed suit. The bearish pennant formation is rapidly running out of road, indicating that a major move is imminent.
Bitcoin price fell more than 3% to roughly $36,250 on Friday, following a cryptic tweet from Elon Musk implying a possible split with the largest cryptocurrency, the latest post from the billionaire to sway the price of the token. Ethereum, Binance Coin, Cardano, and even DOGE all took a hit as a result of the drop. In the last 24 hours, the cryptocurrency market cap fell more than $128 billion. It’s unclear whether this cryptic tweet means that Tesla has already unloaded or will offload bitcoin in the near future.
Indeed Filecoin is a survivor! FIL Massive Rally!
After a significant drop from it’s all-time high of $238, Filecoin is stabilising. At roughly 0300 UTC, the FIL/USD achieved an intraday high of $102.109, up more than 37% on a 24-hour adjusted period. Profit-taking attitude caused a significant fall later in the day, although the pair maintained its 24-hour gains by hovering above 17%. Bitcoin and Ether Filecoin’s main competitors, were down more than 6% and 7%, respectively, as of 0945 UTC.
Filecoin, it appears, drew traders because of its perceived undervaluation in comparison to other prominent digital assets. Traders looking for a short-term hedge against the crypto market’s drop thanks to Musk’s leadership were able to do so. Strong volume surges on both the FIL/USD and FIL/BTC charts indicated a revival in interest in the trading instruments.