This Altcoin Decoupled Positively from the Market and Increased by 13 Percent! What’s Behind the Rise?

While Bitcoin attracted attention with its rise of up to 30% in October, it continued its rise in November and approached $ 38,000.

While BTC continued to be traded at $ 36,700 at the time of writing, altcoins also participated in this upward movement. However, some altcoins differentiated positively from the market and made investors happy with the rises they experienced.

One of these altcoins was FIL, the native cryptocurrency of the decentralized storage platform Filecoin.

According to CoinMarketCap data, FIL, Celestia (TIA), which increased by 13.3% in the last 24 hours, became the second most profitable altcoin.

Rising to $5.6, FIL increased its weekly gains by more than 25% and its monthly gains by more than 60%.

At this point, analysts commenting on FIL said that they expect the rise in FIL to continue and that this rise is likely to continue up to $10.

Looking at the reasons for this rise, analysts noted that a major reason supporting the FIL price movement was the launch of decentralized exchange (DEX) Sushi on the Filecoin blockchain.

According to U Today, another important reason was that Filecoin will take part in the LabWeek 2023 event this week.

As Filecoin enters a big week, the team is expected to introduce some innovations at the LabWeek 2023 event.

*This is not investment advice.

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