Filecoin (FIL) Flips Chainlink (LINK) to Enter Top-Ten Crypto List With 125% Weekly Gains

Bhushan Akolkar
April 1, 2021
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Filecoin (FIL) has surged a massive 30% in the last 24-hours to make its way to the top-ten cryptocurrencies list flipping dominant players like Chainlink (LINK). FIL, the tenth-largest cryptocurrency by market cap has surged a massive 125% over the last week on account of multiple developments taking place.

At press time, Filecoin (FIL) is trading at a price of $196.26 with a market cap of $12.4 billion. Filecoin, the blockchain-based decentralized storage network developed by Protocol Labs has seen rising demand since the beginning of 2021. Filecoin allows users to have total control over their data while taking on big-tech giants like Amazon and Google.

As per the latest news, some of the most popular projects like Wikipedia, Project Gutenberg, and OpenAQ are using the Filecoin Network to store their treasured data archives.

Filecoin (FIL) Miners Making Aggressive Bets

Besides, there’s a growing interest among crypto miners to mine Filecoin. Last week on March 27, the Filecoin team announced that Filecoin miners and Liverpool miners can co-mine FIL together. Also, a lot of this mining interest for Filecoin is reportedly coming from China.

Last week, local news publication AI Express reported that Shenzhen-based computer hardware manufacturer Xinyuan Technology has entered a massive worth of deal with Jiangxi-based electronic component manufacturer Sesumg. The two companies have entered an agreement for a “Distributed Storage Center Project” and placed a massive $89 million order for IPFS (Filecoin) miners.

On Tuesday, March 30, another Shanghai-based company The9 Limited signed a Filecoin mining machine purchase and hosting agreement worth $2 million with a FIL mining service provider. This is over the $10 million FIL miner purchase which the company did in February 2021. The official press release notes:

“At present, The9 owns an independent node on Filecoin blockchain and 8 Pebibytes of effective storage mining power in the Filecoin network. When the two agreements are fully implemented, The9 is expected to have a total of more than 80 Pebibytes of effective storage mining power in the Filecoin network.”

Another major boost for Filecoin is that last month, Grayscale Investments announced its new Filecoin Trust letting institutional players get exposure to the cryptocurrency.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.