Filecoin is up 50% and prepares to take even more profits after a week of significant gains and is shaping up to become one of the biggest gainers of the month as we can see in our altcoin news today.
Journalist Colin Wu recorded an increasing interest in the crypto and its platform and commented:
“Filecoin surpassed $100, benefiting a large number of Chinese miners and investors. Reasons: the first investor token will be released over, Coinbase launched new storage tokens, the dual mining test of Filecoin and LPT started, the cooperation between Filecoin and LINK, etc. (…) A lot of Chinese funds are entering this industry.”
With an annualized fee of 2.5% and $1.3 million in assets under management, the investment company Grayscale announced the filecoin-based trust and now the product will hold 16,000 outstanding shares which will be worth 0.99 FIL per share. Another announcement was made which impacted Filecoin positively and its price consolidated with Chainlink. The cooperation will allow Filecoin’s integration with the LINK oracles service to form a bi-directional connection. This way, smart contract developers will have a full Web 3.0 infrastructure stack with blockchains for on-chain logic and state changes while LINK oracles for off-chain communication and computation, Filecoin for data solutions, and decentralized storage.
In the latest report, the company reported $40.3 billion in assets under management while the Grayscale Bitcoin Trust continues as the biggest product with $34 billion of the total followed by the GETH with $5 billion. Filecoin managed to make major gains and it increased by 27% in one week, hitting an ATH of $115. The partnerships on the Filecoin platform gave it momentum to defy the downtrend negatively and affected the BTC price. Filecoin is up by 50% and now the investors’ confidence is also rising, with more pressure from Grayscale continuing to push the FIL prices to new highs.
03/25/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) March 25, 2021
As recently reported, Filecoin reached a global capacity of $2.5 billion gigabytes according to an announcement today and according to it, the capacity is enough to store 725 million 1080p movies, 47 copies of the internet archive, and 11,250 copies of Wikipedia. Filecoin is a decentralized storage network that enables thousands of computers across the world to get paid for storing data. Because it is decentralized, it means that the data is not held in one single place which reduces the risk of being lost.
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