Filecoin Soars on Large Inflow of Miners and Investors

Sahaj  |  Mar 27, 2021

In accordance with the recent data shared on leading crypto data platforms, the already popular 16-ranked coin Filecoin has witnessed a surge of around 40%. Colin Wu, the popular Chinese blockchain journalist, even addressed that FIL has surpassed Theta in terms of market capitalization on some crypto data aggregators.

Filecoin Surges Due to High Inflow of Miners and Investors

Grayscale Investments, the trusted authority affiliated by Barry Silbert announced on March 17. As mentioned in the announcement, five new cryptocurrency trusts based on famous altcoins were introduced and they were FIL, MANA, BAT, LINK, and LPT.

Filecoin has witnessed a huge surge of around 40% in the last 24 hours, jumping from the price of $96 on Friday to a new ATH of $136 today.

Most prominently, a heavy inflow of miners and investors from China has been witnessed in recent times ultimately adding up to the positivity in the market along with the price rise.

At the time of writing this article, the cryptocurrency is being traded at a price of $131.

Colin Wu on Inaccuracy in FIL Trading Volume Data

As reported by the popular Chinese blockchain journalist Colin Wu, several data aggregators are showing that Filecoin has exceeded the market capitalization of Theta. The altcoin FIL has recently been listed in the top ten list by major market data aggregators.

Presently, the latter is keeping a hold at the ninth position in the top-ten list and LTC is on the tenth position being the only one behind FIL.

Per the data provided by Colin Wu, the major trading volume for FIL takes place on Huobi. Moreover, Colin Wu added that the credibility of the data provided by the leading aggregator is not sufficiently high and the trading bots have been shortening orders there.

Comparing to another leading crypto market data aggregator, Colin Wu revealed that the trading volume is high on that exchange.

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