Filecoin (FIL) Recording More Volume than Bitcoin and Ether Combined on China’s Largest Exchange
While Huobi is seeing immense demand from users for FIL, Grayscale also added 29.55k FIL today. Unlike Grayscale’s four other new investment products, FIL is the only one with explosive returns.
In terms of price performance, the star of this week is Filecoin which rallied more than 90% during this time to hit an all-time high of nearly $237 today.
From its all-time low of $20 just three months back on Dec. 29, this coin has pumped 1,057%. FIL also soared 415% against BTC during this time, despite the largest crypto pumping to $62k and became a trillion-dollar asset.
With these gains, Filecoin jumped past Litecoin LTC -17.71% Litecoin / USD LTCUSD $ 310.65
-$55.02-17.71% Volume 10.44 b Change -$55.02 Open $310.65 Circulating 66.75 m Market Cap 20.74 b 1 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 1 d Tech Stocks Dragging Bitcoin, Ether, & Crypto's Down, But 'Fundamentals Still Strong' 6 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance and Chainlink to capture the 9th spot with a market cap of $8.67 billion.
China is crazy for Filecoin, with a 24h increase of more than 30%, reaching a maximum of $236. The 24h trading volume of FIL in Huobi, China's largest exchange, reached $24.2b, nearly three times the volume of the second ETH $8.8b, Bitcoin was $7.8b. pic.twitter.com/LbKlTkfBqt
— Wu Blockchain (@WuBlockchain) April 1, 2021
The project, which raised more than $200 million in just thirty minutes in 2017, also received investment from the Shenzhen-based computer hardware giant Xinyuan Technology Co.
Xinyuan invested 580 million yuan (just under $90 million) in Filecoin miners, which could have stemmed from its partnership with a Jiangxi-based electronic company called Sesumg which will “ship 500 units of computing and 100 units of storage equipment to the company.”
A Chinese listed company has obtained a IPFS (Filecoin) order of nearly 100 million$, more than one year of revenue. This customer used to produce health products, such as thermometers. Due to the shortage of BTC and ETH machines, Filecoin become third option for Chinese miners pic.twitter.com/oAfh44qj47
— Wu Blockchain (@WuBlockchain) March 16, 2021
This week, The9 Limited (Nasdaq: NCTY) signed a Filecoin mining machine purchase and hosting agreement of $2 million following the $10 million agreement in Feb.
Currently, The9 owns an independent node on its blockchain. It has 8 Pebibytes of effective storage mining power in the Filecoin network, which will be increased to over 80 Pebibytes once the two agreements are fully implemented.
Filecoin is an open-source, distributed storage, and digital payment system.
BREAKING: Filecoin announces acquisition of AWS.
— Ryan Selkis (@twobitidiot) April 1, 2021
Though Filecoin acquiring Amazon Web Services is nothing but an April Fool’s joke, another reason for the jump in its prices is Grayscale. The world’s largest digital asset manager bought a bunch of coins.
It started on March 19 with just 700 FIL which increased by 14.8k FIL the next day only to add a whopping 29.55k FIL today. Grayscale’s institutional and accredited investors have bought a total of 45.55k FIL.
Much like FIL, Grayscale also bought a ton of the other altcoins today and now holds 115.57k LINK, 3.2 million BAT, 414.4k LPT, and 17.16 million MANA.
However, unlike Filecoin’s explosive returns, the same performance wasn’t recorded by other coins. In the past 7-days, LINK prices have increased by 24%, BAT 17.4%, LPT 50%, and MANA 20%.