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Election 2024

Filecoin Surges 42%, Replaces Litecoin as 9th Largest Digital Asset

Institutional demand propels filecoin ahead of litecoin.

By Omkar Godbole
AccessTimeIconApr 1, 2021 at 11:06 a.m. UTC
Updated Aug 19, 2021 at 8:30 a.m. UTC
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Election 2024 coverage presented by

Stand with crypto
juan-benet

Decentralized storage network Filecoin's FIL token has entered the list of top 10 coins thanks to increased institutional demand.

  • FIL is trading near $217 at press time with a market capitalization of $13.72 billion, having printed a record high of $220 early Thursday, as per data source Coingecko.
  • The cryptocurrency has surged by 42% in the past 24 hours and 150% in seven days, replacing litecoin (LTC) as the ninth-largest digital asset by market capitalization.
  • Inflows into the Grayscale Investments' Filecoin Trust picked up the pace on Thursday, lifting the cryptocurrency higher.
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    • Grayscale Investments FIL Holdings
    Grayscale Investments FIL Holdings
    • The trust has raked in 45,500 FIL tokens since the launch on March 17, of which 29,550 were added today, data provided by bybt.com shows.
    • The world's largest digital asset manager has become the preferred avenue for institutional investors to gain exposure to cryptocurrencies, starting with its early bitcoin trust. It is owned by Digital Currency Group, the parent company of CoinDesk.
    • On March 17 Grayscale also launched trusts dedicated to basic attention token, chainlink, decentraland and livepeer, expanding its existing product suite.
    • Bitwise, the cryptocurrency asset manager, tweeted Thursday that Filecoin entered its Bitwise 10 Large Cap Crypto Index as of the March 31 monthly index reconstitution.

    Also read: LINK, MANA Token Prices Spike as Grayscale Unveils New Trusts

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

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