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 -3.55% Litecoin / USD LTCUSD $ 55.67
Volume 477.93 m Change -$1.98 Open $55.67 Circulating 70.6 m Market Cap 3.93 b
6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card
and Chainlink LINK -4.02% Chainlink / USD LINKUSD $ 6.57
Volume 429.84 m Change -$0.26 Open $6.57 Circulating 467.1 m Market Cap 3.07 b
6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Layer 1s Lead Crypto Recovery But “Tricky” Macro Environment Raises Potentials for “Extreme and Violent” Moves 7 mon Bitcoin’s Longest Slump Since May Severs its Pandemic-era Correlation With Tech Stocks
to capture the 9th spot with a market cap of $8.67 billion.

“China is crazy for Filecoin,” noted Wu Blockchain as FIL records more volume in the country than the combined volume of the top cryptocurrencies BTC and Ether.

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.”

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.

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.

It was just last month that Grayscale announced the addition of Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT) to its investment products.

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%.

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