Altcoin Price Rally: Why FIL and FET Coins Up Today?

Altcoin Price Rally: Here’s Why FIL and FET Surge Today

The crypto market is once again back on its positive track, with an altcoin price rally emerging. This latest bull run is being led by two notable players, Filecoin and Artificial Superintelligence Alliance, which are currently part of the Artificial Superintelligence Alliance. These tokens are making massive gains, outperforming many of their peers in the market.

This article analyses why FIL and FET are surging today, diving deep into the key contributors. As these altcoins continue to surge, investors are left wondering if the rally will sustain or if they will pull back.

Altcoin Price Rally: These Two Cryptos Make Profits

Currently, the global digital asset industry is showing signs of a bullish rebound, slowly recovering from the recent losses posted by the October crash. As of now, the market is at $3.45 trillion, marking a notable surge of 1.35%.

This resurgence had led to a surprising altcoin rally, with Filecoin and Artificial Superintelligence Alliance tokens leading the charge.

Why is Filecoin Up Today?

In line with the broader market trend, Filecoin is exhibiting positive signals, currently trading at $3.49. This marks a staggering 66.6% surge in a day, 125% in a week, and 67% in a month. Driven by this bullish move, traders are hugely accumulating the token, which is clearly visible in the 24-hour trading volume, now at $3.81 billion, up 155%. If the momentum sustains, the next possible high is the much-anticipated $50.

Notably, the main reason for the significant increase in FIL price was the hype around DePIN Day - a conference where Protocol Labs and partners will talk about decentralized data infrastructure. The event is very much in line with the growing fascination for DePIN, a sector that has seen its market cap rise by 6.45% this ‍‌‍‍‌‍‌‍‍‌week.

Moreover, Grayscale's FIL holdings hit a new high of 2.2M tokens, which is a sign of institutional trust. While the Altcoin Season Index is still at a low level, the funds have been moved to FIL, FET, and NEAR—projects that have real use ‍‌‍‍‌‍‌‍‍‌cases.

Why is FET Up Today?

As of press time, FET is trading at $0.3869, boasting notable upticks of 53% and 60% over the past day and week, despite a monthly decline of 27%. The trading volume is now high at $1.19 billion, with a remarkable uptick of 610%. The next possible target of the token at the end of this altcoin rally is $1.

FET is also riding the DePIN wave, just like FIL, with its price getting a boost from the event. In addition, the lawsuit against Ocean Protocol might be nearing resolution, with talks of returning 286M FET tokens ($120M) to settle the dispute. This could remove a major obstacle and reassure investors about FET's governance, especially since Ocean's alleged token dump contributed to FET's 73% annual decline.