Filecoin Surges 497% in a Month to Attain 9th Position as Largest Cryptocurrency

Decentralized storage system Filecoin and its native cryptocurrency, the FIL coin is now the 9th largest cryptocurrency by market capitalization. Filecoin attained this milestone on the back of very strong growth attained in the past month in which it posted a massive 497% growth in the past month according to data pulled from Coingecko, a crypto market analytics platform.

At present, the digital currency is exchanging hands at $229.21, a 1.26% below the all-time high of $236.84 attained today after the coin recorded a 36.9% surge in the past 24 hours. Filecoin’s attainment of the 9th position came through the displacement of Litecoin (LTC) from the spot and the drop of Theta (THETA) from the top ten rankings of global digital currencies.

The meteoric growth of Filecoin got boosted after the digital currency was added to the Grayscale Investment Trust, revamping institutional demand for the Juan Benet created token. To date, the total number of FIL coins accumulated came in at 45,500 since it was launched on March 17th and 29,550 of these were added today, according to data provided by bybt.com, a crypto derivatives analytics provider. Other assets recently added to the Grayscale Investment Trust include Basic Attention Token (BAT), and Chainlink (LINK).

What Solutions Does Filecoin Bring to the Table?

Filecoin is a decentralized storage system that aims to keep the offerings from Centralized providers including the Amazon Web Service (AWS) in check. The network was first created as a support layer for the InterPlanetary File Sharing System (IPFS), a P2P file-sharing system that was also created by Juan Benet. 

Through the Filecoin provisions, any client can pay miners or node operators who provide the specified storage capacity that the client requested. The attainment of the milestone Filecoin attained in these past days is mind-blowing but the operational superiority of the entire system must present a sustainable process for the coin to keep its position amongst the elite digital currency. 

Theta (THETA), a blockchain-powered network purpose-built for video streaming also attained a similar milestone in the past week, but market forces, as well as a crucial delay in its Mainnet 3.0 launch, have fueled its speedy drop back to the 12th position on the global crypto market ranking.