Filecoin Made to The Top 10 Cryptos With the Massive Surge
On Apr 02, 2021
The provider of decentralized storage, Filecoin, increased in price as the market booms. Increasing interest pushed FIL above the 200 USD mark. Grayscale fund and Chinese investors played a significant role.
During the last two weeks, Filecoin attracted quite massive interest in social media and exchange platforms. Filecoin has an impressive trend so far in 2021. FIL was trading around 21 USD in January, and it doubled the price in February to about 40 USD. March followed the trend and doubled its price to 80 USD in mid-March. Since then, Filecoin increased even further and hit 200 USD on 1st April. The price of FIL peaked on the same day at 238 USD. With the increase from 21 USD to 238 USD, Filecoin displayed a 1033% increase year to date. At the time of writing the price of FIL was 201 USD.
The price increase contributed to the boost in market capitalization. The market cap of Filecoin increased from 1 billion USD to 13 billion USD during the year. Currently, with 12.7 billion USD, Filecoin is the 10th largest cryptocurrency.
Factors Affected Filecoin Price
The Grayscale fund is one of the pushing factors. The announcement of Grayscale CEO Michael Sonnenshein about the inclusion of Filecoin with the other four altcoins in the investment options increased the price. It worth mentioning that the effect of Grayscale in the cryptocurrency world and each new announcement bolster the performance of those coins.
Besides Grayscale, the interest in Filecoin in China can be another material factor. According to the Wo Blockchain, spot trade of Filecoin is mainly at the Huobi exchange, and they are mainly Chinese Filecoin miners. Besides retail investors, institutions trade on the Binance exchange.
Regarding Filecoin’s data, Filecoin’s spot transactions are basically in Huobi, showing that Chinese miners are mainly trading on Huobi. However, the institution mainly conducts derivatives operations in Binance, Binance perpetual contract value is 500mln. pic.twitter.com/xDVjLVxeuw
— Wu Blockchain (@WuBlockchain) April 2, 2021
Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
