Filecoin Surges 42%, Replaces Litecoin as 9th Largest Digital Asset
Institutional demand propels filecoin ahead of litecoin.
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.
- 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.
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