3 years after the ICO, Filecoin rallies 118% upon listing

On Thursday Filecoin began trading across major exchanges over three years after its initial coin offering.

Upon listing, the token traded at wildly different prices across multiple exchanges and while the premium shows there is still an appetite for altcoins, investors interpreting the rallies from FIL and Polkadot as the beginning of an altseason may be disappointed.

Hours after trading began, top cryptocurrency exchanges including FTX, Binance, and Gemini announced that they would swiftly list the altcoin.

The 15-minute chart of Filecoin after the FTX listing.

Hours after the FTX integration, the FIL futures contract processed $150 million in trading volume.

Roughly 60% of the volume has been on FTX! Started around $30, went up to $80 on FTX and $200 on other exchanges, now around $40-$80 on various exchanges.

Traders expect a boring fourth quarterHistorically, the fourth quarter has been relatively slow for the entire crypto market and in 2018 and 2019 BTC saw losses against the U.S. dollar during Q4.Based on historical trends and what appears to be the end of an explosive multi-month rally, traders expect a drawn out consolidation phase as the next step for the crypto market.

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, suggested that an altseason in early 2021 is most likely.

The dominance index is typically an accurate measurement to assess the trend of the altcoin market and many traders believe that a decline in Bitcoin dominance if followed by increasing bullish momentum in the altcoin market.

"Are we anywhere close to #altseason yet? The key may very well be in #DEX trading volumes. Taking a look at #Uniswap's trading volume, this trendline breaking may very well be the leading indicator to foreshadow the next #alt boom."