After a week of significant growth, Filecoin (FIL) is developing into one of the most earning cryptocurrencies of the month. Journalist Colin Wu has noticed an increasing interest in cryptocurrency and its file sharing platform:
Filecoin topped $ 100 and benefited a large number of Chinese miners and investors. Reasons: The first investor token is published, Coinbase has launched new storage tokens, the dual mining test of Filecoin and LPT has started, the cooperation between Filecoin and LINK, etc. (…) Many Chinese funds are entering this branch.
Greyscale announcement and Chainlinks partnership
With an annualized fee of 2.5% and assets under management of $ 1.3 million, investment firm Grayscale announced its Filecoin-based trust. The company’s product will hold 16,000 outstanding shares valued at FIL 0.99 per share.
Another Filecoin announcement that had a positive impact on the price was consolidated with Chainlink. By working together, Filecoin can be integrated into Chainlink’s oracle service in order to establish a “bidirectional connection”:
As a result, intelligent contract developers have a complete Web 3.0 infrastructure stack with blockchains for on-chain logic and status changes, chainlink oracles for off-chain communication and computation, and Filecoin for decentralized storage and data solutions.
The decentralized storage network @Filecoin will integrate #Chainlink Oracle to create an end-to-end Web 3.0 development stack that enables bi-directional communication between Filecoin and smart contracts for novel use cases such as #NFT insurance and DataDAOs. https://t.co/vppVr5J1FR
– Chainlink – Official Channel (@chainlink) March 24, 2021
In Grayscale’s latest report, the company reported $ 40.3 billion in assets under management. The Grayscale Bitcoin Trust (GBTC) remains the largest product at $ 34 billion, followed by the Grayscale Ethereum Trust (GETH) at $ 5 billion.
03/25/21 UPDATE: Net assets under management, stocks per share and market price per share for our investment products.
Total AUM: 40.3 billion USD BTC $ BCH $ ETH $ ETC $ ZEN $ LTC $ XLM $ ZEC $ BAT $ LINK $ MANA $ FIL $ LPT pic.twitter.com/aENPbf1Up3
– Grayscale (@Grayscale) March 25, 2021
As already mentioned, Filecoin saw significant gains last week, rising 27% to an all-time high of USD 115. On the weekly and monthly charts, FIL shows increases of 177.1% and 229% respectively.
The partnerships that have merged on the Filecoin platform have given the company the momentum to defy the downtrend that is negatively affecting the price of Bitcoin. Investor confidence in China and the increasing pressure to buy the grayscale product could continue to drive FIL’s price to new highs.