Decentralized storage network Filecoin’s FIL token has entered the list of top 10 coins on the back of increased institutional demand.
- FIL is trading near $217 at press time with a market capitalization of $13.72 billion, having printed a record high of $220 early Thursday, as per data source Coingecko.
- The cryptocurrency has surged by 42% in the past 24 hours and 150% in seven days, replacing litecoin (LTC) as the 9th largest digital asset by market capitalization.
- Inflows into the Grayscale Investments’ Filecoin Trust picked up the pace on Thursday, lifting the cryptocurrency higher.
- The trust has raked in 45,500 FIL tokens since the launch on March 17, of which 29,550 were added today, data provided by bybt.com shows.
- The world’s largest digital asset manager has become the preferred avenue for institutional investors to gain exposure to cryptocurrencies starting with its early bitcoin trust. It is owned by Digital Currency Group, the parent company of CoinDesk.
- Grayscale has also launched trusts dedicated to basic attention token, chainlink, livepeer on March 17, expanding its existing product suit