Bitcoin (BTC) fell below $100,000 again today after recovering to $104,000 on November 5.
While Ethereum and most altcoins accompanied this decline, some altcoins became the stars of the day with their rise.
At the top of these altcoins was Filecoin (FIL), a very surprising name.
Filecoin has staged one of the biggest retracements of the year, rising over 50% in the last 24 hours, according to CoinMarketCap data. This surge has seen FIL climb from $1.38 to over $2.
While this sharp rise surprised everyone, experts shared their predictions about why the Filecoin price rose so much today.
Accordingly, the biggest reason was cited as the approaching DePIN Day on November 18, a key event for the decentralized infrastructure sector, and the Filecoin Developer Summit (November 13-15).
Some experts, however, argued that Filecoin may soon announce significant updates or partnerships.
Experts noted that Filecoin closed trading above $2, confirming the robustness of its medium-term uptrend. They added that Filecoin’s surge wasn’t simply a short-term recovery, but rather demonstrated that the decentralized infrastructure sector is generating independent momentum within the market.
Filecoin rose the most, ranking first, followed by Near, FET, ZEC, and ICP.
According to CoinMarketCap data, FIL topped the list with a surge of more than 50% in the last 24 hours. FIL was followed by NEAR with a 21% increase, FET with a 19.7% increase, ZCash (ZEC) with a 16% increase, and Internet Computer with a 15% increase.
On the other hand, according to Coinmarketcap data, the biggest losers in the last 24 hours were as follows: Decred (DCR) in first place with a 30.9% loss, Dash (DASH) in second place with a 14.4% loss, ZKsync (ZK) in third place with an 11.2% loss and SPX in fourth place with an 8% loss.
*This is not investment advice.