Filecoin Enters The Crypto Top 10 With A 150% Weekly Price Surge

The Blockchain-based Decentralized Storage Network Managed to Overtake Massive Projects Like Chainlink (LINK)

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Filecoin is continuing its price surge, with a 50% price increase in the past 24 hours, while its weekly gains have surpassed 150 percent. The ninth-largest cryptocurrency to date started March at $36.85 but several consecutive price surges managed to secure prices at around $80 per FIL token on March 19, and around $128 on March 29. The latest surge, however, saw Filecoin’s prices doubling to a current price level of $234.55. Filecoin’s market cap also exploded, reaching levels of $14,7 billion, which made Filecoin larger than Litecoin (LTC) and Chainlink (LINK).

Source: Coingecko

The massive price increase may be due to Filecoin announcing that some of the most popular projects like Wikipedia, Project Gutenberg, and OpenAQ are using its network to store data archives.

Also, recently Filecoin has been a subject of increased miner interest, especially when on March 27 the Filecoin team announced that Liverpool miners, as well as Filecoin miner, can cooperate to mine FIL together.

Meanwhile, Chinese computer hardware manufacturer Xinyuan Technology partnered with Jiangxi-based electronic component manufacturer Sesumg. The two companies would work together for a “Distributed Storage Center Project” and placed an $89 million order for IPFS (Filecoin) miners.

Furthermore, another Shanghai-based company The9 Limited signed a $2 million Filecoin mining machine purchase just a day after Xinyuan’s partnership with Sesumg. The9 Limited also placed a $10 million FIL miner purchase back in February 2021.

“At present, The9 owns an independent node on Filecoin blockchain and 8 Pebibytes of effective storage mining power in the Filecoin network. When the two agreements are fully implemented, The9 is expected to have a total of more than 80 Pebibytes of effective storage mining power in the Filecoin network,” the company noted.

Meanwhile, one of the biggest crypto asset managers, Grayscale, announced the creation of its Filecoin Trust, allowing big players to get exposure to this altcoin.

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