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Filecoin breaks into the top 10 cryptocurrency

Photo of: Joseph Stone
by Joseph Stone

The past few months have seen some major shifts in the cryptocurrency hierarchy. In addition to ADA and DOT, other tokens are climbing, including Filecoin, on the heels of Litecoin.

Filecoin continues the momentum it started last week, which allowed it to move up in the Crypto Performance Rankings. So the rise continues. Thursday, April 1 was a banner day for the token.

As CoinDesk noted, FIL jumped 42% in the space of 24 hours (and 150% over 7 days). At $217, and after an ATH of $220, its market capitalization reached $13.72 billion.

That was enough to steal away Litecoin’s ninth place in the Top 10 cryptocurrencies, despite being older. However, the volatility of crypto-assets makes this hierarchy highly fluctuating. And on April 2, LTC once again occupied its initial position.

After this fever pitch, FIL is down 6.5% to around 170 euros on CoinMarketCap. LTC, meanwhile, is up 3.48% and is ahead of it with a price of 175 euros. This trend in recent days nevertheless makes Filecoin a token to watch.

The cryptocurrency benefits in particular from investments from institutional investors. Grayscale Investments indeed allows them to invest in it through its Filecoin Trust. Its launch is recent.

Since its debut on March 17, the trust has acquired 45,500 FIL tokens on behalf of its clients, including 29,550 during the day of April 1 alone. This transaction explains in large part the surge of the price over the day.

Other crypto-assets are worth watching. Growing institutional interest should fuel the price rise. Grayscale, as is often the case, is at the helm in this area. The latter has launched several dedicated trusts.

In addition to the classic Bitcoin, institutional investors can now also gain exposure to the BAT of the browser Brave, but also to the chainlink (LINK), and the MANA of the online universe Decentraland. These funds could yet shake up the cryptocurrency hierarchy.

Apart from Bitcoin and Ethereum, which are well established in the first and second places, several tokens are vying for the other ranks. To maintain these positions, their issuers will have to rely on value-added services. This is the case for Binance with BNB, Tether (USDT), Cardano (ADA) and Polkadot (DOT).