Filecoin Climbs over 25% in a Few Hours

Filecoin Climbs over 25% in a Few Hours

As major cryptocurrencies such as Bitcoin and Ethereum keep going back and forth and ranging since last week, Filecoin becomes one of the top 20 after rising by 25%. It has now settled at $126. Filecoin refers to the native token for Protocol Lab’s DeFi protocol. It’s sort of a blockchain-related network that solves the possible attack of Amazon, Dropbox, Microsoft, and other cloud computing sites. Users of the platform can use the FIL coin to ensure that their digital files and data will be kept securely on the blockchain.

Grayscale to add Filecoin to its Fund

In March, Grayscale, the cryptocurrency giant, disclosed that Filecoin has the prospect of being among the cryptos that would become a Trust. That is, Grayscale will add Filecoin to its list of Bitcoin Trust. Chainlink, the DeFi oracle platform, revealed that Filecoin would be integrated into Ethereum and other blockchains that can be used with smart contracts. Sadly, Bitcoin investors are not fortunate this week as the leading digital currency fell by over 10% in a few hours on Thurs. After that, Bitcoin has remained stagnant and settled at $54,000. L

ast week Saturday, Bitcoin had soared above $60,000, as it has reached a record level of $61,000 a week before. The leading crypto benchmark has hit the level four times and reversing, without a clear direction, but it now stabilized around $50,800 last week. Filecoin miners are given FIL as a reward for their provision of computer storage. A storage miner refers to a person or company that gives out extra storage space in a computer. Filecoin enhances the development of a transparent platform for storage. As a user, you can pick your preferred miner and select the one that meets your requirements regarding cost, redundancy, and speed.

The breakdown of the events

Bitcoin has been going back and forth since last Saturday. The bullish trend was halted when the US economy halted its bearish trend and is now seen as an alternative hedge against the USD. Apart from BTC, Ethereum has not had a good time too. Ethereum is now trading at around $1680, climbing overnight by 2.78%, falling far away from its $2,000 in more than a month. It also achieved its low since last month. It also fell below $1550 once.
After Elon Musk was able to propel Bitcoin’s price to a higher level, the price has stagnated. On Wednesday, Musk announced Tesla’s readiness to include Bitcoin in its electric cars’ payment options.

After the announcement, BTC climbed, gaining more than $100 billion, increasing the market cap. However, the news could not cause a significant change in the asset’s price as it did when Musk announced a $1.5 billion investment in it.
That said, another news broke on Friday that some top applications for Bitcoin Funds were at the US SEC’s desk. The crypto market has been stagnant this week, although there is a bullish prospect. We are waiting to see a change.