Filecoin has undergone a strong drop since its all-time highs above $100 set on its launch date earlier this month. The : Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Filecoin Surges 25%

FIL has gained 25% in the past 24 hours alone, pushing $26 after falling towards $20 and under that pivotal level just a day or two ago. The

“It’s going to be a very profitable short. But I’m not opening a position now. Why? The market is bullish and altcoins may have a run soon. And also I’d rather wait for the hype to die. I got my eyes on you $FIL.”

The overall market seems to still think Filecoin is overvalued. The Binance futures funding rate for FIL is currently at its minimum, 0.75% per every eight hours, and even lower on other platforms. This suggests that the market thinks the Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Following Bitcoin

FIL may gain further strength if Bitcoin continues its ascent higher. Thus far, FIL has crashed in the face of the leading cryptocurrency rally, but that has been because this rally has been BTC centric.

Strength in altcoins, which may be triggered by an uptrend in Bitcoin, could support growth in the price of Filecoin.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Filecoin (FIL) Shoots 25% Higher as Buyers Step Back In

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