Filecoin soars 40%, surpassing Theta on several platforms

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After listing by Grayscale and a huge inflow of Chinese miners, Filecoin (FIL) has surged by 40 percent and on some platforms has exceeded Theta from top 10, according to CoinMarket cap.

As per the popular blockchain journalist from China Colin Wu, on some data aggregators, FIL has even surpassed Theta by market capitalization. The latter blasted into the top-ten list of crypto assets last week.

Filecoin soars on large inflow of miners and investors

Last week, on March 17, Barry Silbert-affiliated Grayscale Investments announced the launch of five new crypto trusts based on some popular altcoins – FIL, MANA, BAT, LINK and LPT.

Some of these coins demonstrated rises last week, but over the past twenty-four hours, Filecoin rallied over 40 percent, surging from $96 on Friday and hitting a new all-time high of $136 earlier today.

FIlecoin has also seen a huge inflow of Chinese miners and investors.


Main source of FIL trading volume data is inaccurate

Colin Wu has reported that on several data platforms, Filecoin has exceeded Theta by market capitalization. The latter is an altcoin that earlier this week rushed into the top-ten list on the major aggregator CoinMarketCap.

At the moment, it holds the top nine position with LTC behind it on the top ten spot.

According to Colin Wu, the main trading volume for FIL takes place on Huobi exchange. However, the journalist cited CoinMarketCap, mentioning that the authenticity of this data is not high enough and trading bots have been scalping orders there.

However, Coinbase shows real FIL trading volume and it is high enough on that exchange.

What is Filecoin?

Filecoin is a peer-to-peer network that stores files, with built-in economic incentives to ensure files are stored reliably over time.

In Filecoin, users pay to store their files on storage miners. Storage miners are computers which are responsible for storing files and proving they have stored the files correctly gradually. Anyone who aims to store their files or get paid for storing other users’ files can join Filecoin. Available storage, and the price of that storage, is not controlled by any single firm. Instead, Filecoin facilitates open markets for storing and retrieving files that anyone can participate in.

Filecoin includes a blockchain and native cryptocurrency (FIL). Storage miners earn portions of FIL for storing files. Filecoin’s blockchain records transactions to send and receive FIL, along with proofs from storage miners that they are storing their files correctly.

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