Filecoin Publishes Q1 2024 Report

Filecoin recently publicly released its report for the first quarter of 2024. This report provides an overview of the network's performance this year.

According to the report, the Filecoin storage market saw significant growth in 2024. Active transactions increased by 9% on a quarterly basis. Utilization rose from 18% in the fourth quarter of 2023 to 23% in the first quarter of 2024.

However, storage capacity decreased by 14% on a quarterly basis. Before the end of the latest quarter, Filecoin managed to onboard 2,000 clients. Among them, 508 accepted large datasets (more than 1,000 TiB). This number also increased by 9% from 465 in the fourth quarter of 2023.

FIL currently costs $5.72, representing a decrease of 3.90% since the report was published. The token ranks 33rd among the top-rated cryptocurrencies by market capitalization. According to the latest Filecoin price predictions, the coin may end the year between $5.70 and $8.20.

Although the token has lost value over the past 24 hours, its performance is expected to compensate for this decline. This is because even one year after launching the FVM (Filecoin Virtual Machine) in the first quarter of 2023, the Filecoin DeFi ecosystem is gradually growing.

Filecoin is also focused on increasing enterprise adoption in the next quarter. The network is also working on DePIN partnerships to enhance its idle computing capabilities.