A low-profile altcoin makes headlines as it is among the top 20 cryptocurrencies by market cap. In the last 7 days, crypto money has gained 65 percent.
Filecoin hits top 20 and has been making headlines lately
Decentralized storage project Filecoin ( #FIL) is gaining attention in the crypto space after a meteoric rise from around $ 21 in December 2020 to an all-time high of $ 139 on March 27. The market value of cryptocurrency increased by about 720% over the same period, from about $ 1 billion to $ 8.2 billion. Crypto money has gained 560 percent in the last 3 months and 65 percent in the last 7 days.
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Filecoin is rising amidst a lot of bull news. Digital investment firm #Grayscale is offering the FIL fund that will give institutional clients access to the asset. This project also partnered with #Chainlink (LINK), the domain's number one oracle project, to improve the Filecoin network. Chinese journalist #Wu #Blockchain pointed out the notable rise of the altcoin project and stated that the FIL was apparently unaffected by the recent Bitcoin drop.
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Filecoin aims to create a more secure data storage ecosystem by taking advantage of Blockchain technology. The project encourages individuals to join its network by rewarding miners and those who help store data with FIL fees. Filecoin was launched in October 2020 by Protocol Labs founder Juan Benet and has the support of Gemini founders Cameron and Tyler Winklevoss.