Traders pushing Filecoin to $100, according to solid demand from Chinese miners

Traders pushing Filecoin to $100, according to solid demand from Chinese miners

Blockchain News
August 25, 2021 by Delnia
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Filecoin (FIL) has risen 65 percent in the previous 30 days, reaching its highest price since June 8. It enhanced the recent strength following a collaboration with Chainlink's oracle protocol on August 6, which allowed the projects to unite their grant programs to speed up the creation of hybrid intelligent contracts that use code running on the Blockchain while controlling the data calculation process.
Traders pushing Filecoin to $100, according to solid demand from Chinese miners

According to derivatives data and recent protocol changes from solid demand from Chinese miners, retail traders have grown positive on FIL.

Several factors caused the $235 all-time high on April 1, but that trend is over, as the cryptocurrency is now 67 percent below that level. Let’s take a look at what sparked the rally and whether these drivers are still active.

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Solid demand from Chinese miners mining activity has raised investor hopes

Filecoin is a cloud-based decentralized data storage network. This storage network rewards users by selling additional storage on an open-source platform. Files are dependably saved over time because of built-in financial incentives and solid demand from Chinese miners.

 The network’s storage capacity topped 2.5 exabytes in February, earning praise from influential figures like Cameron Winklevoss, a billionaire investor and co-founder of the Gemini exchange.

On the @Filecoin $FIL network, the quantity of network storage power, active miners, and Github contributors continues to expand. It’s not surprising that prices are skyrocketing. pic.twitter.com/0Ua77Ujlgl

The GBTC Trust’s digital currency asset manager, Grayscale Investments, announced the debut of its Filecoin investment vehicle on Saint Patrick’s Day.

 One day, Grayscale Investments, the GBTC Trust’s digital currency asset manager, announced the debut of its Filecoin investment vehicle.

FIL’s daily issuance has been reduced in anticipation of new intelligent contract capabilities

On March 31, Qtum creator Patrick Dai stated that the protocol enabled Filecoin intelligent contracts over the Qtum network.

Due to a lack of proof-of-work rigs, Martin Gaspar, a research analyst at CrossTower exchange, informed Antidolos on April 10 that solid demand from Chinese miners  had arisen. “These miners must promise the FIL token as collateral,” Gaspar stated, “leading in increased demand for the token.

Finally, Filecoin modified its supply economics on April 15, lowering daily issuance from 648,000 to 365,000. The steep reduction likely exacerbated the token’s scarcity. As a result, private investors and miners may have increased their investments in anticipation of the occurrence.

Data shows retail activity has been picking up by solid demand from Chinese miners

To avoid exchange risk imbalances, perpetual futures contracts, also known as inverse swaps, include an embedded rate generally charged every eight hours.

Due to their fluctuating financing rates, whales, arbitrage desks, and market makers shun these products. Longs (purchasers) are the ones who pay the charge when they seek additional leverage. When shorts (sellers) employ additional leverage, the financing rate falls below zero, resulting in a negative funding rate.

According to the statistics mentioned above, the financing rate increased by 0.08 percent on average between August 10 and August 17. This equates to a weekly rise of 1.7 percent, showing increasing leverage longs activity. The indication increased to a 0.10 percent cost payable every 8 hours from longs after receding for a few days.

The current 2.1 percent weekly equivalent charge shows that ordinary traders have even more leverage, which is a sign of optimism. Of course, there’s no way of knowing whether the current Crypto price increase would be enough to trigger a sustained price increase, but traders appear to feel $100 is closer than ever.

Qtum is a cryptocurrency that blends the Bitcoin transaction paradigm with Ethereum smart contracts

The principal objective of the open-source platform is to give easy tools that anybody can use to develop decentralized apps (dApps) while ensuring network security. To avoid malicious nodes, the project chose a slightly modified Proof of Stake (POS) version, and the staking tokens must be valid for a specific period of blocks.

Aside from having an on-chain decentralized governance framework, the Qtum Blockchain supports intelligent contract programming languages other than Solidity. Holders of tokens have a say in network settings like block size and the base gas charge.

While the Qtum Blockchain includes an on-chain governance mechanism, it also has an off-chain approval and handling process for more essential protocol modifications. Decentralized finance (Defi) has lately recognized as a focus area for the protocol and initiatives to attract new enterprises.

The number of daily network transactions peaked on May 6, indicating that solid demand from Chinese miners is paying off.

The price of Qtum is rising due to staking improvements and the Defi pivot

Offline staking has risen to account for more than half of all staking activity on the Qtum Blockchain since its introduction in August 2020. A non-custodial delegation is an option for investors who has solid demand from Chinese miners.

Due to network congestion and expensive expenses, Value Network announced intentions to move away from Ethereum on March 17. It is currently moving to the Qtum smart contract and DApp platform with a development grant.

Patrick Dai, the inventor of Qtum, said on March 31 that the protocol working on integrating Filecoin (FIL) intelligent contracts into the Qtum network.

On April 30, the network changed from a 128-second block average to a 32-second block average. The time it takes for an average-sized Staker to become legitimate has been lowered from four weeks to one week.

Increased interoperability is a result of solid demand from Chinese miners

Another reason for QTUM’s recent rise is interoperability. The group is working on Neutron, a Blockchain-agnostic interface that will allow virtual machines to run on different Blockchains. Furthermore, QiSwap, the company’s DEX, allows customers to create Defi applications and offer liquidity on the Qtum Blockchain.

This is an Antidolos algorithm. It is an algorithm that compares past and present market circumstances using various data sources such as market mood, trading volume, recent price changes, and Twitter activity.

Sum up about solid demand from Chinese miners

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References:
https://cointelegraph.com/news/time-to-pump-data-suggests-traders…

https://cointelegraph.com/news/qtum-price-rallies-160-as-the-project…
https://cointelegraph.com/news/fil-on-the-rise-filecoin-s-upcoming…

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