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

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.