A low-profile altcoin is making headlines as it rockets into the top 20 crypto assets by market cap.
Decentralized storage project Filecoin (FIL) is garnering attention in the crypto space after a meteoric rise from around $21 in December 2020 to an all-time high of $139 on March 27th.
The coin’s market cap has increased roughly 720% in the same period, from just around $1 billion to a high of about $8.2 billion on the 27th.
Filecoin is surging on an array of bullish news. Digital investment firm Grayscale introduced a FIL trust that will provide institutional clients exposure to the asset and the project has partnered with the number one oracle project in the space, Chainlink (LINK), to enhance the Filecoin network.
Chinese journalist Wu Blockchain reports on the token’s notable ascent, also pointing out that FIL was seemingly unaffected by the recent Bitcoin drop down to $51,000.
Interestingly, the price increase of Filecoin has not been affected by the sharp drop in Bitcoin on the 25th. A lot of Chinese funds are entering this industry.
— Wu Blockchain (@WuBlockchain) March 26, 2021
Filecoin seeks to create a more secure data storage ecosystem by leveraging blockchain technology.
The project incentivizes individuals to participate in its network by rewarding miners and those who help store data with FIL fees.
Filecoin was launched in October of 2020 by Protocol Labs founder Juan Benet, and has received support from the likes of Gemini founders Cameron and Tyler Winklevoss.
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Featured Image: Shutterstock/Tithi Luadthong