Filecoin price fluctuating around $60 after sharp rise as mainnet went live

The token opened near $30 when trading started after the October 15 mainnet activation at 14:45 UTC. FIL jumped to $60 on most exchanges in the opening hours, with peaks reaching $150 to $200 on some platforms before retracing. Binance and other major venues saw the wild swings as traders competed to build positions in the token.

Traders moved $306 million worth of FIL across exchanges during the day, a jump from the previous day's $155 million. Binance captured 45% of that volume, with the FIL/USDT pair alone accounting for 33.52% of all trades. The FIL/BTC pairing drew another 11.58%. At the time of writing, the token ranked 25th on CoinMarketCap with a market cap of $912 million.

The launch capped a three-year wait. Filecoin raised $205 million during its 2017 initial coin offering with plans to ship the mainnet by mid-2019. Engineering delays pushed the date forward until Thursday, when block 148,888 went live and put the network into production.

Broader crypto markets moved against Filecoin's momentum. Bitcoin fell nearly 3% to $11,208, brushing lows of $11,160 after OKEx announced it had frozen all cryptocurrency withdrawals pending a regulatory investigation. Ethereum, XRP, Bitcoin Cash, Polkadot, and ChainLink all declined 2% to 6% over the same span. The selling pressure weighed on Filecoin despite its debut-day rally.